Victoria’s new reserve and sold-price disclosure rules start in October

Victorian property campaigns are about to become more transparent, but sellers will need to make pricing decisions earlier and take greater care when changing their sale strategy.

From 1 October 2026, estate agents must use a new Property Price Statement and comply with expanded price-disclosure rules. Reserve-price requirements will apply to auctions and fixed-date sales held from 16 October, including properties already listed before October.

The central change is that an agent must publish the seller’s reserve as a single dollar amount at least seven days before an auction or fixed-date sale. If the reserve is changed during that period, the seven-day clock starts again and the sale date must be delayed.

Consumer Affairs Victoria says an auction or fixed-date sale cannot proceed if the reserve has not been supplied and advertised by the deadline.

More than traditional auctions are affected

The rules do not stop at public auctions. Expressions of interest, tenders, boardroom auctions and other campaigns asking buyers to submit offers by a nominated time may be treated as fixed-date sales.

That distinction matters for sellers using a private-treaty campaign. If an early offer arrives and the agent invites other interested buyers to respond by a particular deadline, Consumer Affairs Victoria says the process could become a fixed-date sale. The reserve would then need to be published for seven days before the competitive sale could proceed.

A normal pre-auction offer can still be accepted as a private sale without waiting seven days. However, sellers and agents will need to decide whether to accept the offer directly, continue towards the advertised auction or establish a competitive fixed-date process.

This could reduce the flexibility to arrange a quick boardroom auction after an unexpected offer. It may also encourage some vendors to remain with ordinary private negotiation rather than setting a formal deadline.

Property statements will contain more detail

The new Property Price Statement will replace Victoria’s existing Statement of Information. It must appear prominently beside the advertised price online, rather than being difficult to locate at the bottom of a listing.

The statement must include details about the property and the comparable sales used to estimate its value. Required features include the building type, bedrooms, bathrooms, car spaces, internal floor area and land size.

Agents will also face stronger requirements to use the three most comparable sales available within the existing distance and time limits. If only one or two suitable sales exist, those sales must still be considered and identified.

This should give buyers more information to assess whether a quoted range reflects genuinely similar properties. Sellers should expect their agent to request accurate measurements and property details before the campaign is finalised.

Most sold prices will become public

For properties sold from 1 October, agents will generally have to add the final price to the Property Price Statement within seven days of the contract becoming unconditional. The document must remain publicly available for at least 18 months.

A general preference for privacy will not be enough to prevent publication. Consumer Affairs Victoria can approve exemptions in circumstances involving family or personal violence. Transitional exceptions may also apply where an agency agreement signed before 1 October specifically requires the result to remain undisclosed.

The legal obligations and maximum penalties sit primarily with agents. Consumer Affairs Victoria says failure to publish a sold price can attract a maximum penalty of 240 penalty units, currently $48,842. Vendors are not generally responsible for an agent’s breach, but they should make sure the information supplied to the agent is correct.

Planning a campaign under the new system

Sellers considering a Victorian auction or expressions-of-interest campaign should discuss the timeline before signing off on advertising. A late reserve change could postpone the sale and potentially add marketing or auctioneer costs.

Questions to settle with the agent include:

• Whether the proposed method legally counts as a fixed-date sale.
• When the reserve will be recommended, approved and published.
• What happens if market feedback changes the seller’s price expectations.
• Who will measure the property and verify its key features.
• How pre-auction offers and buyer deadlines will be handled.

Buyers should still remember that reaching the published reserve does not automatically create a completed sale. A Victorian property contract is finalised when it is put in writing and signed by the buyer and seller.

What it means for you

• Sellers need to set auction and fixed-date reserves earlier, with any change potentially delaying the campaign by seven days.
• Buyers should gain a clearer view of the minimum auction price and the comparable sales behind an advertised range.
• Private-sale campaigns can be captured if buyers are invited to submit offers by a fixed deadline.
• Most unconditional sale prices will have to be published within seven days and remain available for 18 months.