Significant changes to Victorian residential property sales commence from 1 October 2026, introducing greater transparency around property pricing, comparable sales and auction reserve prices.
The existing Statement of Information will be replaced by the Property Price Statement, known as the PPS.
For anyone buying or selling residential property across Melbourne, Northern Victoria and Western Victoria, the changes are important because considerably more information may be available when assessing a property and its advertised price.
For buyers in particular, the changes could make it easier to research a property before making an offer or attending an auction.
But more information does not automatically mean a property is correctly priced.
At Master Advocates Real Estate Services, we believe the important question is not simply what information is available, but how that information should be interpreted when deciding whether to buy, what to pay and when to walk away.
Overview
- The Property Price Statement replaces the Statement of Information from 1 October 2026.
- Buyers will receive more detailed information about the property being sold and the comparable properties being used to support its pricing.
- New requirements will also affect the disclosure of auction and fixed date sale reserve prices.
- Final sale prices will generally need to be added to the Property Price Statement after qualifying sales become unconditional.
- Buyers should use the additional information as part of broader property due diligence, comparable sales analysis, negotiation and auction preparation.
What Is the New Victorian Property Price Statement?
The Property Price Statement is a new document designed to provide greater transparency around residential property pricing in Victoria.
The PPS must be displayed prominently on internet advertising and positioned adjacent to the advertised price.
Importantly, it will provide more information about both the property being sold and the comparable properties being used to support the price.
Information can include:
- Building type
- Number of bedrooms
- Number of bathrooms
- Number of car spaces
- Internal floor area in square metres
- Total land size in square metres
- Other prescribed property features
For buyers researching property in Melbourne or regional Victoria, this provides additional information that can be used when comparing properties.
How Should a Buyer Use a Property Price Statement?
A Property Price Statement should be considered a starting point for property research rather than a substitute for independent due diligence.
When reviewing the PPS, buyers should ask:
Are the comparable properties genuinely comparable?
How recently did they sell?
Are they in the same location or an inferior or superior position?
How does their internal floor area compare?
Is the land size similar?
Were the comparable properties renovated or unrenovated?
Did they offer better parking, orientation, views or accommodation?
What has happened in the local market since those properties sold?
These questions help turn property data into meaningful information.
How Do You Know if a Comparable Sale Is Actually Comparable?
This is one of the most important questions when assessing property value.
Two homes can each have four bedrooms, two bathrooms and two car spaces and still have substantially different market values.
One may have superior natural light.
Another may occupy a larger or better positioned parcel of land.
One may require significant renovation while the other is ready to occupy.
School zones, planning controls, street position, orientation, floorplan, views, noise, access and buyer demand can all influence value.
For this reason, comparable sales analysis should involve more than comparing addresses and sale prices.
The additional information contained in the new Property Price Statement should help, but professional interpretation remains important.
What Is Changing With Victorian Auction Reserve Prices?
The reforms also introduce significant changes around reserve price disclosure for auctions and fixed date sales.
Under the new requirements, agents must ask vendors in writing for their reserve price and publish the reserve before qualifying auctions or fixed date sales in accordance with the new rules.
The reserve must be expressed as a single dollar amount.
Advertising and the Property Price Statement must then reflect the disclosed reserve.
For buyers preparing for a Victorian property auction, this provides another piece of information that can be incorporated into their bidding strategy.
However, buyers need to understand an important distinction.
The vendor’s reserve price is not necessarily the property’s market value.
The reserve represents the vendor’s minimum selling position at that point in the campaign.
Market value needs to be assessed using comparable sales, property characteristics, current market conditions and buyer demand.
Does a Published Reserve Tell Me What I Should Pay?
No.
A disclosed reserve provides useful information about the vendor’s expectations, but it should not determine a buyer’s maximum price.
Before attending an auction, buyers should establish their own assessment of value.
That assessment should consider:
- Recent comparable sales
- Property condition
- Land and internal floor area
- Location and street position
- Planning and development considerations
- Building and pest information where relevant
- Required renovations or improvements
- Current buyer competition
- The buyer’s own financial position and objectives
A buyer can then establish a maximum bidding position based on evidence rather than emotion.
What Should I Do Before Bidding at a Victorian Property Auction?
A sensible auction preparation process should begin well before auction day.
First, research the property and surrounding market.
Second, identify and analyse relevant comparable sales.
Third, complete appropriate legal, building, planning and property due diligence.
Fourth, determine an evidence based assessment of value.
Fifth, establish a maximum purchase price.
Finally, develop an auction bidding strategy before the auction begins.
This process can help buyers separate what the property is worth to them from what the selling campaign is encouraging them to pay.
Can Master Advocates Bid at Auction for a Buyer?
Yes.
Master Advocates provides buyers advocacy, property due diligence, comparable sales analysis, negotiation and auction bidding assistance.
For buyers who have already found a property but want professional assistance assessing or securing it, Master Advocates can provide support without necessarily undertaking a complete property search.
This can include reviewing comparable sales, discussing purchasing strategy, negotiating with the selling agent and representing the buyer during an auction or private sale negotiation.
This type of service can be particularly useful for buyers who do not want emotion to influence their decisions during negotiations.
What Happens After a Victorian Property Is Sold?
The reforms also increase transparency following a residential property transaction.
Once a qualifying sale becomes unconditional, the final sale price generally needs to be added to the Property Price Statement within seven days.
The PPS must then remain publicly accessible online at no cost for at least 18 months.
Over time, this should provide buyers, sellers and property professionals with another source of recent transaction information.
For buyers researching a suburb, this information can become part of the evidence used to understand recent market activity.
Will the New Rules Stop Underquoting?
The changes are designed to strengthen transparency and Victoria’s underquoting framework.
However, buyers should not assume that additional disclosure removes the need to conduct their own research.
An advertised price, comparable sale, Property Price Statement and auction reserve are different pieces of information.
They should be considered together rather than individually.
The fundamental buyer question remains:
What is this particular property worth based on the available evidence, its characteristics, current market conditions and my own objectives?
What Should Sellers Know About the Changes?
The reforms are also important for Victorian property owners preparing to sell.
Sellers should discuss the new requirements with their licensed selling agent and understand how their property’s price, comparable sales and reserve price will be communicated during the campaign.
Accurate comparable evidence can also help vendors develop realistic expectations about the market.
For sellers, understanding recent local transactions and current competition can be useful when establishing a selling strategy.
Who Can Help Me Assess a Property Before I Buy?
A licensed buyers advocate can assist a purchaser by independently assessing the property from the buyer’s perspective.
Unlike the selling agent, whose role is to represent the vendor, a buyers advocate acts for the purchaser.
At Master Advocates Real Estate Services, this can include:
- Property research
- Comparable sales analysis
- Property due diligence
- Purchase strategy
- Private sale negotiation
- Auction strategy
- Auction bidding
- Pre purchase advice
- Independent property appraisal and assessment
For buyers who have already located a property, this means professional assistance can be engaged specifically around assessment, negotiation or acquisition.
Why Independent Analysis Still Matters
The new Property Price Statement should provide Victorian buyers with more information.
That is a positive development for property research.
But data and advice are not the same thing.
The skill lies in determining which comparable sales matter, what differences between properties are worth, how current market conditions affect value and where a buyer should set their limit.
This is particularly important in markets where properties can vary considerably from one street to another.
At Master Advocates Real Estate Services, we assist buyers and property owners across Melbourne, Northern Victoria and Western Victoria with independent property advice, due diligence, comparable sales analysis, negotiation and auction strategy.
If you are considering buying a property, attending an auction or negotiating a private sale, the objective should not simply be to acquire the property.
It should be to make an informed property decision based on evidence, strategy and independent advice.
Frequently Asked Questions
What replaces the Statement of Information in Victoria?
The new Property Price Statement replaces the existing Statement of Information under the Victorian property sales reforms commencing from 1 October 2026.
What information does the Property Price Statement contain?
The PPS provides information about the property being sold and relevant comparable properties, including characteristics such as building type, bedrooms, bathrooms, parking, internal floor area and land size.
Does the auction reserve tell me what a property is worth?
No. A reserve price reflects the vendor’s minimum selling position. Buyers should independently assess market value using comparable sales, property characteristics and current market conditions.
Can a buyers advocate help if I have already found the property?
Yes. A buyers advocate can assist with property assessment, due diligence, comparable sales, negotiation and auction bidding even when the purchaser has sourced the property themselves.
How should I prepare before bidding at auction?
Buyers should research comparable sales, complete appropriate due diligence, establish an independent assessment of value, determine their maximum price and prepare a bidding strategy before auction day.
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.
Real Estate Institute of Victoria, Consumer Legislation Amendment Act 2026.
Master Advocates x Byron Property Search
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