Following the recent changes to the Victoria’s
property sales and laws has made buying and selling property in Melbourne very
transparent. This has improved fairness in the market. Furthermore, it has
given better access to the detail information about pricing.
It is important that you understand this set of new
rules for anyone who is planning to purchase, sell or invest in residential
property in 2026.
Now what are these rules?
The new reforms are to be effective from 1st
Oct 2026. They added changes to how real estate agents disclose prices of
auction reserves and publish final sale prices. These changes were introduced
under the Consumer Legislation Amendment Act 2026. This aims to provide
improvement in the access of information of the property to the buyer.
Key changes include:
- Replacing
the Statement of Information with a new Property Price Statement (PPS).
- Requiring
reserve price disclosure at least seven days before auctions and
fixed-date sales.
- Making
final residential property sale prices publicly available after an
unconditional sale.
- Strengthening
requirements for comparable property information in advertising.
The most significant change that has occurred in the
rules is the replacement of the previous statement of Information, in the
introduction of the property price statement in Victoria.
This document includes detailed intel to help the
buyers acknowledge if the property is priced accurately and in fairly.
It includes:
- The
property's key features, including bedrooms, bathrooms and car spaces.
- Internal
floor area and total land size.
- Details
of comparable properties used to establish the estimated selling price.
- Comparable
property addresses, features, sale dates and prices.
- The suburb's median property price.
What is Reserve Price Disclosure Victoria
Under this rule, real agents are to publish the
seller’s reserve price at least seven days before the auction or the date of
the sale. This price must be appeared in property advertisements and other
marketing areas. It should be displayed in specific dollar amount. Moreover, it
must be reflected in the property price statement.
If it is not displayed for the period, the sale cannot
proceed.
Public Disclosure of Final Property Sale Prices
Another change is that the real estate agent has to
publish the final sale price within seven days after a residential property
sale becomes unconditional.
The updated Property Price Statement must remain
publicly accessible online, free of charge, for at least 18 months.
This gives Melbourne buyers an opportunity to compare
actual selling prices and in turn make an informed decision.
Upcoming Victorian Property Law Changes in 2027
Further reforms are scheduled for 2027. These include earlier access to Section 32 vendor statements from 1 June 2027 and changes to early deposit release and agent commission arrangements from 1 July 2027.
Final Thoughts
These transparency rules in Victoria in 2026 signifies
an important step towards a well-informed property market. Whether it includes
preparing to sell an investment, or buying your first home in Melbourne
understanding these rules will help you navigate it all and make sure you avoid
making any mistakes that could have been avoided.
Buyers and sellers should consult Consumer Affairs
Victoria or a qualified property professional to understand their obligations
under the updated legislation.
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