New changes to property sales and underquoting laws
/New laws have changed how real estate agents provide price information for residential property sales in Victoria.
These changes are designed to improve price transparency for homebuyers, help tackle underquoting, and make property sales fairer and clearer.
This page gives an overview of the changes and when they start, including the new Property Price Statement for single residential and multiple unit properties in and outside metropolitan Melbourne.
Most of the changes started on 1 October 2026. The new requirements apply to auctions and fixed-date sales on and from 16 October 2026.
Until then, the current rules apply.
Summary of the Changes:
Reserve prices must be published before auction or fixed-date sale -
WHEN: From 1 October 2026, for auctions and fixed-date sales on and from 16 October 2026. Note: If an auction or fixed-date sale is held on 16 October 2026, the reserve price would need to have been disclosed by 9 October 2026.
New Property Price Statement (replacing Statement of Information)
WHEN: From 1 October 2026, for auctions and fixed-date sales on and from 16 October 2026.
Sold prices must be published after sale
WHEN: From 1 October 2026, for sales that become unconditional on or after that date, even if the contract was signed before then.
At least 1 or 2 comparable properties must be selected, if 3 cannot be identified
WHEN: From 1 October 2026, for auctions and fixed-date sales on and from 16 October 2026.
Section 32 statements available earlier
WHEN: 1 June 2027
Early release of deposit
WHEN: 1 July 2027
Commission cannot be taken directly from deposit before settlement or rescission of the contract
WHEN: 1 July 2027
Sold price information to be given to Director CAV
WHEN: 1 December 2027
