Victoria’s Consumer Legislation Amendment Act 2026

The key change is that, for auctions and fixed-date sales, your reserve price must now be confirmed in writing and published at least 7 days before the auction or fixed-dates sale. The reserve must be a single dollar figure, rather than a range. The Statement of Information is also being replaced with a Property Price Statement. Once a residential property sale becomes unconditional, your agent must publish the final sold price as part of the PPS.

For an auction or fixed-date sale taking place on or from 16 October 2026, your reserve must be confirmed in writing as a single dollar figure and published at least 7 days before the sale. The reserve must be published for the full 7 days for the auction or fixed-date sale to proceed as planned.

The reserve price is set by you, the Vendor. Your agent will provide advice, but the final decision about the price you are prepared to accept is yours.

Your agent will be in touch with you to recommend a realistic reserve based on the available market evidence. This can include recent comparable sales, buyer feedback, the level of interest in the property and the strength of the campaign.

Your reserve price is separate from the advertised price guide and represents the minimum price you are prepared to accept at auction. Your Jellis Craig agent will work with you to determine an appropriate reserve based on current market conditions, buyer feedback and comparable sales. The advertised price must continue to comply with Victoria’s underquoting laws.

In line with legislation, Jellis Craig will publish the vendor’s reserve at least 7 clear days before an auction or fixed-date sale. This will be clearly displayed online and the Property Price Statement. It is not a fixed asking price or a maximum price for the property. The final sale price is determined by competition at auction.

Your agent is well-versed to handle the new reserve price legislation and will ensure that the four-week campaign period runs effectively to help you achieve the best possible result for your property. For a typical four-week campaign, this means your agent can use the first weeks to gather buyer feedback and assess the campaign, then work with you to confirm and publish the reserve before the auction in week four.

Yes. You can increase or decrease your reserve, but any change to the published reserve must be re-published. The new reserve must be published for a further 7 days before the auction or fixed-date sale can proceed. This means a late change to the reserve could delay the scheduled sale. Your agent will advise you on the timing and update the advertising as required.

You can still receive and consider offers before auction. Pre-auction offers are treated as private sales and will not be affected by the 7-day reserve rule. Your agent will present offers to you, and you can decide whether you want to accept an offer or continue with your planned auction campaign. If you decide to proceed with the auction, the campaign can continue as planned. Before the 7-day disclosure period: If you receive an offer that you consider too low, your agent will make any required price updates in accordance with underquoting laws. This will not affect your auction date. Within the 7-day disclosure period: You can still consider offers. However, if an offer prompts you to decrease or increase your reserve, the new reserve must be published for a further 7 days and the auction date will need to be postponed

Setting and publishing a reserve does not mean you have to sell your property if bidding reaches that price. You remain in control of the decision to accept a sale. Your Jellis Craig agent will guide you through the auction.

If bidding does not reach your reserve, your property can be passed in or withdrawn from the auction. Your agent can then negotiate with interested buyers, including the highest bidder, to try to achieve a successful sale. In many cases, negotiations immediately after an auction can lead to a successful sale. You can then decide whether to accept an offer, continue negotiations or consider other sale options.

The auction process itself remains largely unchanged. Buyers can still compete for the property, and the highest bid does not automatically mean the property must be sold. The key difference is that your reserve will be publicly available before auction day.

There is no change to the way a standard private sale operates. Your property can be advertised at an asking price, and prospective buyers can make offers. Your agent will negotiate with buyers on your behalf, with you deciding which offer, if any, you wish to accept.

Expressions of Interest campaigns can be structured in different ways, so the requirements will depend on how your campaign is conducted. If your property is being sold with a fixed closing date, the new reserve-price requirements apply. You will need to set a reserve and have it published at least 7 days before the closing date. If your EOI campaign has no fixed closing date, it operates in the same way as a private sale. Your Jellis Craig agent will explain which requirements apply to your campaign.

Most of the new property sales and price disclosure requirements start from 1 October 2026. The new reserve-price requirements apply to auctions and fixed-date sales taking place on or after 16 October 2026. If your property is already on the market, your agent will explain which new requirements apply to your campaign and what, if anything, needs to change. The timing depends on your method of sale and the date of your auction or fixed-date sale, so speak with your Jellis Craig agent about your individual campaign.