New Auction Transparency Rules Implemented in Victoria

Victoria’s new property sales laws are now changing how residential properties are marketed and sold, with the reforms designed to improve price transparency, reduce underquoting and give buyers clearer information before making an offer.

Most of the changes commenced on 1 October 2026, while the new reserve-price requirements apply to auctions and fixed-date sales held from 16 October 2026. Under the new rules, agents must publish the seller’s reserve price at least seven days before the auction or fixed-date sale.

The reserve must be shown as a single dollar amount and cannot be advertised using wording such as “from”, “over”, “+” or “starting at”. Once the reserve is received, advertising and the new Property Price Statement must also be updated to reflect it.

The previous Statement of Information has also been replaced by a Property Price Statement, which must now be displayed more prominently in online advertising. The statement includes more detailed information about the property being sold and the comparable properties used to support the quoted price.

Another major change applies after a property is sold. Agents must add the final sale price to the Property Price Statement within seven days after the sale becomes unconditional and keep that statement publicly available online, free of charge, for at least 18 months, unless an approved exemption applies.

For buyers in Melbourne’s western growth corridor, these changes could make the purchasing process more transparent. Having the reserve price available before an auction gives buyers a clearer indication of the minimum price the seller is prepared to accept.

This may help purchasers determine whether a property fits within their budget before attending an auction and reduce the uncertainty that can arise when advertised price guides sit well below the eventual reserve.

The new sold-price disclosure requirements could also improve access to comparable sales information. Buyers researching suburbs across Melbourne’s west will have a larger pool of publicly available transaction data when assessing what similar properties have recently achieved.

That information can help buyers prepare more realistic offers and bidding strategies, particularly in changing market conditions where property values may be moving differently between neighbouring suburbs and property types.

For sellers, greater transparency could also encourage more realistic pricing from the beginning of a campaign. A clearly disclosed reserve may help attract buyers who understand the vendor’s expectations and reduce time spent dealing with purchasers whose budgets are significantly below the likely selling price.

Agents, however, will need to adjust their processes. Reserve prices must be obtained, documented and published within strict timeframes, while advertising materials and Property Price Statements must be updated promptly when price information changes.

The Real Estate Institute of Victoria has highlighted the new requirements to its members as a significant operational change for the industry. The rules introduce additional compliance obligations around reserve prices, comparable sales information and ongoing publication of sold prices.

In fast-moving markets, the requirement to establish and publish a reserve seven days before an auction may also require sellers and agents to make pricing decisions earlier in the campaign than they were accustomed to under the previous system.

For Melbourne’s western growth corridor, where auctions, private sales and new developments operate across a wide range of price points, the changes may give buyers greater confidence when comparing opportunities.

Overall, Victoria’s new property laws represent a significant shift toward greater transparency. Buyers should benefit from clearer reserve prices and easier access to sold-price information, while sellers and agents will need to adapt their marketing and compliance procedures to the new framework.