New Property Sale Laws: What Vendors and Purchasers Need to Know
From 1 October 2026, new laws will change how residential properties are priced, marketed and sold in Victoria.
The changes are designed to improve price transparency and give both vendors and purchasers clearer information throughout the sales process.
Here’s what you need to know.
A new Property Price Statement
The existing Statement of Information will be replaced by a Property Price Statement (PPS).
The PPS will provide more detailed information about the property and the comparable sales used to help determine its price, including key details such as bedrooms, bathrooms, car spaces, land size and internal floor area.
The PPS will also need to be prominently displayed in online property advertising.
For purchasers: This means more information to help compare a property with recent sales.
For vendors: It provides greater transparency around how your property's price has been determined.
Reserve prices must be published
For auctions and fixed-date sales held from 16 October 2026, the vendor's reserve price must be:
- Confirmed in writing
- A single dollar figure
- Published at least 7 days before the auction or sale
- Reflected across the property's marketing
Terms such as "from", "over", "+" or "starting at" cannot be used for the reserve.
If the reserve has not been published for the required seven days, the auction or fixed-date sale cannot proceed.
Important: While the new laws commence on 1 October 2026, the new reserve-price disclosure requirements apply to auctions and fixed-date sales held on and from 16 October 2026.
Sold prices will be made public
Once a residential property sale becomes unconditional, the agent must update the PPS with the final sold price within 7 days.
The PPS must then remain publicly available, free of charge, for at least 18 months, unless an exemption applies.
Why it matters: Greater price transparency helps vendors understand their property's market value and purchasers make more informed offers.
What does this mean for you?
For vendors, the changes mean greater transparency around pricing and the need to work closely with your agent when establishing your property's price and reserve.
For purchasers, the changes provide more detailed information to help assess a property's value and make informed decisions.
The new laws commence on 1 October 2026, with the new reserve-price requirements applying to auctions and fixed-date sales from 16 October 2026.
If you're thinking about buying or selling, speak with your Compton Green agent about how these changes may affect you.
This information is general in nature and should not be considered legal advice. For the latest information, visit Consumer Affairs Victoria.