🏡 IMPORTANT UPDATE FOR VICTORIAN PROPERTY SELLERS & BUYERS NEW RESERVE PRICE DISCLOSURE RULES — EFFECTIVE OCTOBER 2026
📢 Greater transparency. Clearer pricing. New responsibilities for sellers and real estate agents.
From 16 October 2026, new Victorian property sales rules require the seller’s reserve price to be publicly disclosed at least 7 days before an auction or fixed-date sale.
These changes aim to improve price transparency, help prevent underquoting and ensure buyers have clearer information before making important property decisions.
Here’s what property owners and buyers need to know. 👇
🔹 1. The Reserve Price Must Be Disclosed Before Auction
Real estate agents must ask the seller to provide their reserve price in writing and publish it at least 7 days before the scheduled auction or fixed-date sale.
The reserve price is the minimum price the seller is prepared to accept.
For example, if the reserve price is $800,000, that exact amount must be disclosed in the advertising. It cannot be presented as “Offers Over $800,000” or “From $800,000”.
🔹 2. Sellers Must Confirm Their Reserve Price in Writing
Agents must provide sellers with written advice on setting their reserve price, including:
✔️ The agent’s recommended reserve price.
✔️ Reasons supporting the recommendation.
✔️ An explanation that the reserve must be expressed as a single dollar amount.
✔️ Instructions for the seller to accept the recommendation or request an alternative reserve price in writing, with signed confirmation.
Sellers retain the right to choose their own reserve price, including an amount above the previously advertised price range.
🔹 3. All Advertising Must Be Updated
Once the reserve price has been received, agents must update online advertising within one business day and update all advertising and marketing materials to reflect the new reserve price.
The published reserve price must be shown as a single dollar amount, without expressions such as:
❌ “From”
❌ “Offers Over”
❌ “Starting At”
❌ “+”
Once the reserve price is published, it becomes the advertised price. The Property Price Statement must include both the indicative selling price and the reserve price.
If the reserve price is higher than the existing indicative selling price, the indicative selling price must also be updated.
🔹 4. Changing the Reserve Price Restarts the 7-Day Period
Sellers can change their reserve price, but there is an important consequence.
Whether the reserve price increases or decreases, the full 7-day disclosure period starts again once the published reserve price changes.
For example, if an auction is scheduled for Saturday 21 November and the reserve price is changed on Wednesday 18 November, the auction cannot proceed on the original date unless the revised reserve has been publicly disclosed for the full required 7-day period.
This makes early planning and communication between the seller and agent essential.
🔹 5. No Proper Disclosure, No Auction
If the reserve price has not been publicly disclosed for the full 7 days before the auction or fixed-date sale, the sale cannot proceed as scheduled.
Penalties may apply for non-compliance.
Sellers should therefore work closely with their agents to confirm their reserve price early and avoid unnecessary delays, additional costs or disruption to their selling campaign.
🔹 6. The Property Price Statement Has Also Changed
The former Statement of Information has been replaced by the new Property Price Statement (PPS).
The new statement must include key features of the property being sold and key features of the comparable properties used to support the estimated selling price.
For online listings, the PPS must be displayed or linked prominently in the first visible part of the advertisement and immediately next to the advertised price — not hidden at the bottom of the listing.
🔹 7. Final Sale Prices Must Also Be Disclosed
Under the new rules, agents must update the Property Price Statement with the final sale price no later than 7 days after the sale becomes unconditional.
The updated statement must remain publicly available online, free of charge, for at least 18 months, unless an exemption applies.
An exemption may be available in circumstances involving family or personal violence, subject to approval by Consumer Affairs Victoria.
🏠 WHAT DOES THIS MEAN FOR PROPERTY OWNERS?
Selling a property is not just about choosing the right agent and achieving the best price. Understanding the new requirements, setting a realistic reserve price and preparing the campaign correctly are now even more important.
At Realink, we believe professional advice, transparent communication and compliance are essential to a successful property sale.
If you are considering selling your property in Melbourne, speak with our team early to discuss your selling strategy, pricing expectations and the new reserve price disclosure requirements.
📩 Contact Realink for professional property advice.
Source: Consumer Affairs Victoria — New changes to property sales and underquoting laws.
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