Victorian inspectors check 40 auctions under new price transparency laws

Victorian property regulators attended 40 auctions over the weekend as agents and sellers adjusted to new rules requiring reserve prices to be published before auction day.

Consumer Affairs Victoria said on Tuesday that its Underquoting Taskforce monitored campaigns from the advertising stage through to the auction. Inspectors attended sales in the Stonnington, Boroondara, Greater Geelong, Campaspe and Warrnambool council areas.

The checks are an early enforcement test for property price transparency laws that took effect on 1 October 2026. The reforms give buyers access to a seller’s reserve price at least seven days before an auction or fixed-date sale and require more detailed information supporting the advertised price.

Consumer Affairs Victoria did not announce breaches arising from the 40 inspections. It said the immediate focus was helping the industry comply while making clear that agents must meet their obligations.

What agents now have to publish

Every Victorian residential sales campaign must use a Property Price Statement, which replaced the former Statement of Information.

The statement must include an indicative selling price expressed as either a single figure or a range no wider than 10 per cent. That price cannot be below the agent’s reasonable estimate, the seller’s asking price or a written offer already rejected because it was too low.

It must also include the property’s key features, the suburb median and details of the most comparable sales used to support the estimate. Comparable information includes addresses, sale dates, prices and relevant property features.

For auction and fixed-date campaigns, the seller’s reserve must be added to advertising and the Property Price Statement at least seven days before the sale. The reserve must be a single dollar figure rather than a figure qualified with terms such as “from” or a plus sign.

An auction or fixed-date sale cannot proceed unless the reserve has been published for the full seven-day period. If the seller changes the reserve too late, the sale date may need to move to satisfy that requirement.

Agents must also publish the final sale price within seven days after a sale becomes unconditional, subject to limited exemptions. The updated Property Price Statement must generally remain freely available online for at least 18 months.

What sellers need to watch

The reserve-price rule makes the timing of the vendor’s decision more important. Agents must request the reserve in writing and provide a proposed figure with their reasoning, but the seller may accept that proposal, request another recommendation or nominate a different reserve.

Once the reserve is set, advertising and campaign materials must be updated. Sellers considering a late change should first ask their agent how it could affect the scheduled auction.

Written offers also matter. If a seller rejects an offer because the price is too low, advertising below that rejected figure may need to be updated. This is intended to prevent a campaign continuing to attract buyers at a level the seller has demonstrated they will not accept.

Enforcement extends beyond auction day

Consumer Affairs Victoria said its taskforce has monitored more than 3,330 sales campaigns since it began. It has issued more than 420 official written warnings and 260 infringement notices totalling over $3 million.

The regulator can ask an agent to justify the estimated selling price, advertised range and selected comparable properties. Agents who breach underquoting laws can face penalties exceeding $50,000, while serious offences may also put their sales commission at risk.

For buyers, the reserve disclosure does not guarantee a property will sell at that figure. Competition can still push the result higher. It does, however, provide a clearer minimum reference point before buyers spend money on reports, legal review and auction preparation.

What it means for you

• Victorian auction buyers should check the Property Price Statement again during the final week of a campaign.
• Sellers need to settle their reserve early enough for the full seven-day publication period.
• A rejected low offer may trigger updates to the advertised price range.
• Suspected underquoting can be reported to Consumer Affairs Victoria.