Victoria’s new property price disclosure rules are now in force, and they change what buyers can see before an auction. Agents must publish the seller’s reserve price as a single dollar figure at least seven days before the sale, and a new Property Price Statement replaces the old Statement of Information.
What the property price disclosure rules change for buyers
Two main reforms apply. First, agents must publish a Property Price Statement that lists the key features of the property and of comparable properties: building type, bedrooms, bathrooms, car spaces, internal built area and total land size. Second, agents must ask the seller in writing for the reserve price and publish it as one dollar amount at least seven days before the sale. The figure has to stand alone, with no words such as “from”, “over” or “starting at”, and no symbols such as “+”.
Where the rules apply and where they do not
The property price disclosure rules apply to residential auctions and fixed-date sales run by estate agents in Victoria. They do not cover commercial sales, private sales without a fixed date, or sales managed directly by the owner without an agent.
A 16 October sale needed its reserve out by the 9th
Most of the property price disclosure rules took effect on 1 October 2026. The reserve price and comparable property rules apply to auctions and fixed-date sales held on and from 16 October 2026. A sale on 16 October, for example, needed its reserve price published by 9 October.
What agents now have to do with their ads
Once the agent has the seller’s reserve price, online advertising must be updated within one business day. Online, the Property Price Statement must sit in the first visible part of the main advertisement, right next to the advertised price. Physical advertising with property details needs an internet address or QR code that links to the statement.
If a seller changes the published reserve price, the seven-day period starts again, and the sale cannot go ahead until the new figure has been public for a further seven days.
Miss the deadline and the sale cannot go ahead
Under the property price disclosure rules, if the seller gives no reserve price, or the agent does not advertise it as required, the auction or fixed-date sale cannot go ahead, and Consumer Affairs Victoria says penalties apply.
Pre-auction offers are treated differently to boardroom auctions
Pre-auction offers are treated as private sales, so the seven-day publication period does not apply to them. Boardroom auctions are classed as fixed-date sales and do need the full seven days.
The sold price has to stay on the record
The property price disclosure rules also keep working after the hammer falls. Once a sale becomes unconditional, the agent must update the Property Price Statement with the sale price within seven days and keep it publicly available for at least 18 months, unless an exemption applies. Existing underquoting offences also remain in force.
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General information only, not legal advice. Check the official source before acting.
Source: Consumer Affairs Victoria. Licence: CC BY 4.0.
