Benn Dorrington, Industry Editor and Analyst
First published 28 Sep 2026, 11:43am
Home sellers in Victoria will have to publish a reserve price at least a week out before their auction day from October 1 in an Australian-first move aimed at stamping out underquoting.
It’s one of a handful of property price rule changes being rolled out by the Victorian government from October 1 to try to give home buyers more information sooner.
While the price disclosure laws will officially commence on October 1, a 14-day transition buffer will apply to active real estate campaigns for auctions and fixed-date sales.
The controversial rule changes come at an already challenging time for home sellers in the state, with home prices down 4.3% in Melbourne compared to a year ago, according to the latest realestate.com.au Home Price Index .
While the state’s peak real estate body, the Real Estate Institute of Victoria (REIV), has supported some moves to improve property price transparency , it has strongly advocated against the mandatory publication of auction reserves seven days in advance.
REIV chief executive Toby Balazs said the priority was to ensure the sector was well prepared and that consumers understand what the changes mean.
“The property market is already navigating a challenging period, so getting implementation right is particularly important,” Mr Balazs said.
Vendors will have to share a reserve price a week out from auction day after October 1. Picture: Getty
“Our focus is on making the transition as clear, practical and effective as possible for the professionals applying these rules and the consumers they serve.”
Here’s an explainer of the changes starting from October 1 and how they impact you.
From October 1, real estate agents must publish the home seller’s reserve price at least seven days before an auction or fixed-date sale.
REIV chief executive Toby Balazs says the priority is to ensure the sector is well prepared and that consumers understand what the changes mean. Picture: Supplied
The change will take effect from October 1 and will impact auctions and fixed-date sales on and from 16 October 2026.
The auction or fixed-date sale cannot proceed if the reserve price hasn’t been published seven days before, with significant penalties for real estate agents who break the rules.
Real estate agents will also have to update all advertising and marketing materials, including the new property price statement, to reflect the reserve price.
It will have to include the reserve price in a single dollar amount, without words or symbols such as ‘from’, ‘over’, ‘+’ or ‘starting at’.
Home sellers will need to publish sold prices seven days after the unconditional sale of a property from next month. Picture: Getty
For auctions or fixed-date sales held on 16 October 2026, the reserve price will need to have been disclosed by October 9.
A new Property Price Statement (PPS) will replace the current Statement of Information, which will include key features of the property and more.
Real estate agents will have to include key features of the property being sold and key features of each comparable property in the new PPS.
Property price rules are changing in Melbourne and throughout Victoria from October 1. Picture: Getty
The new statement will have to be displayed clearly in online advertising rather than at the bottom of the listing.
The change will take effect from October 1 and start for auctions and fixed-date sales on and from 16 October 2026.
Property sellers will no longer be able to hide their sale price, with new rules forcing real estate agents to reveal sold prices a week after the unconditional sale of a property.
Agents will have to update the PPS with the sold price seven days after the unconditional sale of the property and make the PPS publicly available for at least 18 months, unless an exemption has been granted.
Exemptions may be granted for circumstances related to personal or family violence involving the seller or purchaser and must be approved by application to the director of Consumer Affairs Victoria.
The new rules will apply to sales that become unconditional on or after October 1, even if the contract was signed before then.
Real estate agents will need to share at least one or two comparable properties if three cannot be found.
It will begin from October 1 for auctions and fixed-date sales on and from 16 October 2026.
Agents who are unable to identify three comparable properties, but can find one or two, must identify the one or two properties.
The Victorian government has rolled out numerous changes to take action on underquoting - when a property is deliberately advertised at a much lower price than its expected sale price or the owner’s asking price to generate competition.
Underquoting is already illegal in Victoria, and real estate agents face fines of more than $40,000 or potential loss of sale commissions if they don’t comply with the rules.
The state government plans to introduce further changes next year, including making Section 32 statements available earlier and changes to early releases of deposits.
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