If you have ever stood on a nature strip on a Saturday morning, bidder’s card in hand, trying to work out whether the reserve is $50,000 away or $250,000 away, this one is for you.
On 8 September, the Consumer Legislation Amendment Act 2026 became law in Victoria, introducing some significant changes to the way residential property is priced, advertised and sold.
The first changes commence on 1 October 2026, with the new requirements applying to auctions and fixed-date sales held from 16 October. A second stage of reforms will follow from 1 July 2027.
It is one of the biggest changes to Victoria’s property sales process in years.
Here is what is changing, in plain English, and why we reckon greater transparency is a good thing for buyers, sellers and good agents.
The reserve goes public
For auctions and fixed-date sales held from 16 October, the reserve price must be published as a single dollar amount at least seven days before the sale.
Not a range. Not a hint. One number.
If the reserve has not been published in time, the auction or fixed-date sale cannot go ahead as scheduled.
For buyers, that takes a lot of the guesswork out of the process. You’ll have a clearer idea of the seller’s reserve before deciding whether to spend your Saturday at the auction, arrange a building inspection or have another conversation with your broker.
For sellers, it means the reserve conversation needs to happen earlier.
Your agent must ask you for your reserve in writing and provide a recommended figure with reasons. You can accept their recommendation, ask them to reconsider it, or nominate your own reserve.
It is your property and, ultimately, your number.
There is another important change: if the published reserve is changed, the seven-day publication period starts again. That means getting the pricing strategy right ahead of auction day will become even more important.
The pricing information comes with the ad
The current Statement of Information is being replaced by a new Property Price Statement, designed to give buyers clearer and more useful information about how a property has been priced.
The new statement will include key information about the property and comparable sales, including relevant features such as property type, bedrooms, bathrooms, car spaces, internal floor area and land size.
Where comparable properties are available, they need to be included — even if there are fewer than three.
Online property advertisements will need to provide access to the Property Price Statement, while physical advertising containing property information will need to include a web address or QR code linking to it.
Translation: if you can see the property, the pricing information should be easy to find.
No hunting.
Sold prices go on the record
Once a property sale becomes unconditional, the actual sale price must generally be added to the Property Price Statement within seven days.
That information must then remain publicly available, free of charge, for at least 18 months.
There are limited exemptions, including circumstances involving personal or family violence.
For most buyers and sellers, though, this means more access to recent, real-world sales information.
Anyone who has tried to research a suburb knows the frustration of comparing quoted ranges without knowing what properties actually sold for.
Recent sale prices give buyers and sellers another useful piece of information when trying to understand their local market.
More time with the paperwork
The second stage of the reforms is due to commence on 1 July 2027 and includes changes to when the Section 32 Vendor Statement needs to be available.
For an auction or fixed-date sale, the Section 32 will generally need to be available at least 14 days before the sale.
For an advertised private sale, it will generally need to be available within 14 days after the property is first advertised.
Different timing requirements apply where a property isn’t advertised or sells within that initial 14-day period.
If information in the Section 32 changes, the seller will also need to notify the buyer in writing before the contract is signed.
The idea is simple: give buyers earlier access to important property information and more opportunity to have it properly reviewed.
Your conveyancer will probably appreciate that one.
Early release of deposits is changing too
Also from 1 July 2027, the current Section 27 statutory process for releasing a deposit before settlement is being repealed.
Instead, whether a deposit can be released early will depend on the terms of the contract of sale.
For sellers who are selling and buying at the same time, this is worth discussing with your conveyancer or lawyer when preparing the contract rather than waiting until settlement is approaching.
Why we think the whole industry wins here
There is a version of this story where everyone in real estate groans about more paperwork.
We’re not telling that one.
Here’s the thing about transparency: it doesn’t threaten good agents, it rewards them.
When buyers and sellers have clearer information in front of them, what remains incredibly valuable is an agent’s judgement, preparation, market knowledge, negotiation and genuine care for the people involved.
That is the job. That has always been the job.
Plenty of agents have been having open and honest pricing conversations with their vendors for years. These changes create a clearer framework around when and how some of that information is communicated.
And ultimately, a buyer who understands the process and the pricing is better placed to make an informed decision.
That is good for buyers, good for sellers and good for the credibility of our industry.
What to do now
Buying?
Start watching for published reserves and Property Price Statements on properties heading to auction or fixed-date sale from 16 October. And get your conveyancer involved early — none of these changes replace proper legal advice or due diligence.
Selling?
Talk to your agent about your reserve and pricing strategy earlier than you might have previously. With the new timing requirements, those conversations will become an important part of planning the campaign.
Thinking about selling in 2027?
The next stage of reforms will change some of the timing around Section 32 statements and deposit releases, so speak with your agent and conveyancer early about how those changes may affect your campaign.
Knowledge is one of the most useful tools you can have in property.
If you’d like to talk through what these changes could mean for your property, your plans or your next move, we’re always up for the conversation.
General information only, current to 18 September 2026. Legislative requirements and commencement dates may change, and individual circumstances vary. This information is not legal advice. Buyers and sellers should obtain independent legal or conveyancing advice about their circumstances.