Understanding Industry Standards: What You Should Expect From Your Real Estate Agent From 1 October 2026
Changes to Victoria’s property sales requirements introduce new obligations for real estate agents around price information, comparable sales, reserve prices, advertising and post-sale disclosure.
Here are five key changes buyers and sellers should understand.
A new Property Price Statement (PPS)
A new Property Price Statement (PPS) replaces the existing Statement of Information, including the indicative selling price, comparable sales and defined property features.
New comparable sales requirements
New comparable sales requirements include the use of the three most comparable sales or an explanation where fewer than three are available.
Published reserve prices
For auctions and fixed-date sales, the seller’s confirmed reserve must be published as a single dollar amount for at least seven full days before the sale.
Advertising updates
Where the confirmed reserve is higher than the advertised price, advertising must be updated, including online advertising being amended or removed within one day.
Post-sale disclosure
The final sale price must be added to the PPS within seven days of the sale becoming unconditional. The updated PPS remains publicly available for 18 months, unless an exemption applies.
What this means for agencies
The changes mean agencies need to consider their listing and appraisal processes, vendor conversations, written reserve workflows, advertising controls, portal updates, post-sale responsibilities and record keeping.
For further information, visit Consumer Affairs Victoria’s guidance on changes to property sales and underquoting laws.
