Victorian property sales law changes in 2026: Update for agents and vendors
Julie Maxfield
Victoria has introduced significant changes to its property sales laws, with new requirements designed to improve price transparency, address underquoting and provide buyers with more reliable information.
The reforms, introduced through the Consumer Legislation Amendment Act 2026, affect residential property advertising, auction reserve prices and disclosure obligations. Most commenced on 1 October 2026, with further changes scheduled for 2027.
Here is what buyers, sellers and property investors need to know:
Auction reserve prices must now be disclosed
One of the most significant changes is the requirement for estate agents to publicly disclose a seller's reserve price at least seven days before an auction or fixed-date sale. Previously, reserve prices could remain confidential until auction day.
Under the new rules, the reserve must be advertised as a specific dollar amount rather than a price range. Agents must update their advertising and marketing materials, including the new Property Price Statement. If the reserve price changes, the seven-day disclosure period starts again. An auction cannot proceed until the revised reserve has been publicly available for the required period.
These requirements apply to residential auctions and fixed-date sales held from 16 October 2026. Ordinary private sales without a fixed sale date are not subject to the same reserve price disclosure requirement.
New Property Price Statements
The existing Statement of Information has been replaced by a more detailed Property Price Statement (PPS).
Estate agents must now provide additional information about the property being sold and the comparable properties used to support its estimated selling price.
This includes building type, bedrooms, bathrooms, car parking spaces, internal floor area and land size.
Agents must identify the three most comparable properties where available. If only one or two qualifying properties can be identified, those properties must still be considered and disclosed.
The PPS must also be prominently displayed or linked in property advertisements, making pricing information easier for prospective purchasers to access.
Actual sale prices must be published
From 1 October 2026, estate agents must generally publish the property's actual sale price in the PPS within seven days after the contract becomes unconditional.
The updated statement must remain publicly accessible online for at least 18 months.
Limited exceptions apply, including certain pre-existing confidentiality arrangements and approved exemptions involving family or domestic violence.
This will make recent transaction prices more readily available to prospective purchasers, helping them assess market values when considering other properties.
Changes to Section 32 vendor statements in 2027
Further reforms commencing 1 June 2027 will require estate agents to make Section 32 vendor statements available earlier in the sales process:
- For private sales, the statement must be available within 14 days of advertising starting.
- For auctions and fixed-date sales, it must be available at least 14 days before the scheduled sale.
- For unadvertised properties or properties sold within 14 days of being advertised, the statement must be available before the purchaser signs the contract.
These requirements will make early preparation of vendor disclosure documents increasingly important.
Changes to property deposits
From 1 July 2027, Victoria's existing statutory process for early release of property deposits will be repealed.
Instead, purchasers and vendors will be able to agree to early release through a contractual condition.
Estate agents will also be prohibited from taking their commission directly from a deposit released before settlement or termination of a contract, although sellers may pay commission separately.
Off-the-plan stamp duty concession extended
Separately, Victoria has extended its temporary off-the-plan stamp duty concession until 20 April 2027.
The concession applies to eligible residential properties within strata subdivisions with common property, including qualifying apartments, units and townhouses.
It is available to eligible investors, companies and trusts, as well as owner-occupiers, and can reduce stamp duty by excluding qualifying construction costs incurred after the contract date.
What do these changes mean for buyers and sellers?
The reforms represent a substantial shift towards greater transparency in Victorian property transactions.
Buyers will have earlier access to reserve prices, stronger evidence supporting advertised prices and more information about completed sales.
For sellers, the changes introduce additional disclosure and documentation requirements, particularly when preparing for an auction.
Whether buying, selling or investing in Victorian property, obtaining legal advice before signing a contract remains an important step in understanding your rights, obligations and potential risks.
Speak to an Experienced Property Lawyer
Whether you are buying your first home, selling a property, or need advice on a complex real estate matter, obtaining the right legal guidance can make all the difference.
At Aitken Partners, our experienced property lawyers provide practical advice and tailored support across a wide range of property and conveyancing matters. We can help you navigate the property transaction process with confidence and protect your interests at every stage.
Contact Aitken Partners today on (03) 9600 6000 to speak with an experienced property lawyer and discuss your property transaction.
Sources:
Consumer Affairs Victoria, New changes to property sales and underquoting laws
Consumer Affairs Victoria, Industry Q&As: New changes to property sales and underquoting laws
Victorian Legislation, Consumer Legislation Amendment Bill 2026 (Act 36/2026)
State Revenue Office Victoria, Temporary off-the-plan duty concession
Please note: The information on this page is provided for general information purposes only and does not constitute legal advice. It is not intended to be comprehensive or to apply to any specific circumstances. You should seek independent legal advice before acting on any information contained on this page.
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