If you’re buying or selling property in Victoria, you may notice a few changes to the way properties are priced and advertised from October 2026.
New property price transparency laws came into effect on 1 October 2026, introducing changes designed to give buyers clearer information about pricing and create greater transparency throughout the sales process.
For most buyers and sellers, there’s nothing complicated to navigate – but there are a few important changes worth understanding.
Goodbye Statement of Information, hello Property Price Statement
One of the most visible changes is the introduction of the Property Price Statement (PPS), replacing the familiar Statement of Information.
The PPS still provides buyers with an indicative selling price or price range and comparable sales, but it now includes more detail about both the property being sold and the properties being used as comparables.
Key features include the building type, number of bedrooms and bathrooms, car spaces, internal floor area and land size. Comparable properties must also include their relevant key features, helping buyers better understand why those particular sales have been used to support the price guide.
The PPS must also be much easier to find online. Rather than being tucked away at the bottom of a property advertisement, it must be displayed or linked prominently alongside the advertised price.
For buyers, that should make researching a property and comparing it with recent local sales a little easier.
Auction reserve prices will be disclosed earlier
Another significant change relates to properties being sold by auction or fixed-date sale.
For auctions and fixed-date sales held from 16 October 2026 onwards, the seller’s reserve price must be published at least seven days before the sale date. Once the reserve is provided, advertising and the Property Price Statement must be updated to reflect it.
For buyers, this provides greater clarity before auction day and should help reduce the uncertainty that can sometimes surround the gap between an advertised price guide and the seller’s reserve.
For sellers, it means the conversation around pricing and auction strategy needs to happen earlier. Your agent will work with you to establish the reserve and ensure the required information is updated within the appropriate timeframe.
Sold prices will become more transparent
The way sold prices are reported is changing too.
Once a residential property sale becomes unconditional, the agent must generally update the Property Price Statement with the final sale price within seven days. The updated PPS must then remain publicly available online, free of charge, for at least 18 months.
There are limited exemptions, including certain circumstances involving personal or family violence.
For the wider market, greater access to recent sale results should provide buyers and sellers with more timely information when researching property values.
What about comparable sales?
Comparable sales remain an important part of establishing an estimated selling price.
Previously, if an agent could not identify three comparable properties that met the required criteria, they could state that fewer than three comparable sales were available. Under the new rules, if one or two suitable comparable properties can be identified, those properties must now be included.
This is particularly relevant on the Mornington Peninsula, where properties can vary significantly even within the same suburb.
Two homes may both have four bedrooms, for example, but factors such as land size, renovation quality, views, proximity to the beach or marina, garaging and overall condition can make a considerable difference to value.
That’s why comparable sales are useful, but they’re only one part of understanding where a property sits in the current market.
What do the changes mean if you’re selling?
For sellers, the biggest difference is likely to be greater transparency around the pricing process.
There will be more information accompanying your advertised price, reserve prices for auctions will become public earlier, and your final sale price will generally become publicly available shortly after the sale becomes unconditional.
It also makes choosing an agent with a strong understanding of your local market particularly important. Pricing still isn’t simply a matter of looking at a suburb median or finding the three closest recent sales. Understanding how your home compares with those properties – and how current buyers are responding to different homes – remains an important part of building the right sales strategy.
And if you’re buying?
For buyers, the changes should make it easier to understand the reasoning behind a property’s advertised price.
When you find a home you’re interested in, take the time to look at its Property Price Statement. Look beyond the price range itself and consider the comparable properties, their features and how closely they genuinely resemble the home you’re considering.
If the property is heading to auction, you’ll also have the benefit of knowing the published reserve at least seven days beforehand, giving you more information to work with when setting your own budget and auction-day strategy.
A more transparent property market
Buying or selling a home is a significant decision, and clearer information can only help people approach that decision with greater confidence.
While the paperwork may look a little different, the fundamentals haven’t changed: good local advice, realistic pricing and a clear understanding of current buyer demand remain essential.
Thinking about selling on the Mornington Peninsula? The Scenic Property team can provide an up-to-date appraisal and talk you through what the new pricing requirements mean for your property and sales strategy.
This article provides general information only. For the latest requirements relating to Victorian property sales and pricing, visit Consumer Affairs Victoria.
