New laws will change how real estate agents provide price information for residential property sales in Victoria.
These changes are designed to improve price transparency for homebuyers, help tackle underquoting, and make property sales fairer and clearer.
This page gives an overview of the changes and when they start, including the new Property Price Statement for single residential and multiple unit properties in and outside metropolitan Melbourne.
For detailed guidance, read Underquoting information for real estate agents and the Industry Q&As: New changes to property sales and underquoting laws.
Most of the changes start on 1 October 2026. The new requirements apply to auctions and fixed-date sales on and from 16 October 2026.
Until then, the current rules apply.
Summary of the changes
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Change
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What it means
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When
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| Reserve prices must be published before auction or fixed-date sale |
Real estate agents must publish the seller’s reserve price at least 7 days before an auction or fixed-date sale. They must also:
- update all advertising and marketing materials (including the new Property Price Statement) to reflect the reserve price
- include the price in a single dollar amount, without words or symbols such as ‘from’, ‘over’, ‘+’ or ‘starting at’.
If the reserve price hasn’t been published 7 days before the auction or fixed-date sale, it cannot go ahead. Penalties will apply.
Read more about the reserve price disclosure requirements.
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From 1 October 2026, for auctions and fixed-date sales on and from 16 October 2026.
Note: If an auction or fixed-date sale is held on 16 October 2026, the reserve price would need to have been disclosed by 9 October 2026.
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| New Property Price Statement (replacing Statement of Information) |
A new Property Price Statement (PPS) will replace the Statement of Information. Agents must include:
- key features of the property being sold
- key features of each comparable property.
The PPS must be displayed prominently in online advertising – not right at the bottom of the listing.
Agents can read the new PPS documents in preparation for the changes below.
In metropolitan Melbourne:
Outside metropolitan Melbourne:
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From 1 October 2026, for auctions and fixed-date sales on and from 16 October 2026. |
| Sold prices must be published after sale |
Agents must update the PPS with the sold price 7 days after the unconditional sale of the property. They must make the PPS publicly available for at least 18 months, unless an exemption has been granted.
Exemptions may be granted for circumstances related to personal or family violence involving the seller or purchaser and must be approved by application to the Director of Consumer Affairs Victoria.
Read more about the sold price disclosure requirements.
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From 1 October 2026, for sales that become unconditional on or after that date, even if the contract was signed before then. |
| At least 1 or 2 comparable properties must be selected, if 3 cannot be identified |
Agents who are unable to identify 3 comparable properties, but can find 1 or 2, must identify the 1 or 2 properties.
Read more about the comparable properties requirements.
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From 1 October 2026, for auctions and fixed-date sales on and from 16 October 2026. |
| Section 32 statements available earlier |
Agents must make the section 32 statement (the vendor statement) available:
- for private sales, within 14 days after the property is advertised
- for auctions and fixed-date sales, at least 14 days before the auction or fixed-date sale
- before the purchaser signs the contract if the property is not advertised, or if it will be sold within 14 days of being advertised.
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1 June 2027 |
Early release of deposit
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The existing process for early release of a deposit will be repealed. Instead, sellers and purchasers can agree to release the deposit early by including a condition in the contract.
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1 July 2027
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| Commission cannot be taken directly from deposit before settlement or rescission of the contract |
Agents must not take commission directly from a deposit released before settlement or rescission of the contract. Sellers can choose to pay the agent’s commission before settlement or rescission. |
1 July 2027 |
| Sold price information to be given to Director CAV |
From 1 December 2027, agents will be required to provide sold price information to the Director of Consumer Affairs Victoria unless an exemption is granted. |
1 December 2027 |
Detailed guidance
For detailed guidance on agents’ obligations and answers to common questions, read: