Victorian Property Law Changes

What Every Buyer & Seller Needs to Know This Spring

Victoria's property price transparency reforms take effect from 1 October 2026, under the Consumer Legislation Amendment Act 2026. Whether you're selling this Spring or searching for your next home, here's what's changing and how it affects you.

Key Changes at a Glance

• Reserve prices are locked in earlier: You'll confirm your reserve price with your agent, published online as a single dollar amount at least seven days before auction day. It's important to be sure of this figure. Any change within that 7-day window means we'll need to move the auction or fixed-date sale, and the countdown starts again.
• No vague pricing once it's set: The reserve has to be shown as a plain dollar figure that means no "offers above," no "+," no ranges.
  Sold prices go public: Final sale prices must be published online within 7 days of an unconditional sale and stay visible for 18 months.
• Pricing Statements:   The Statement of Information (SOI) becomes the Property Price Statement (PPS) Same purpose, more detail.  The PPS now includes key features of the property and every comparable sale used, and must be displayed prominently in online ads, not buried at the bottom of the listing.
• We handle the rest: Paperwork, listing updates, and your Property Price Statement (formally the Statement of Information) are all managed behind the scenes by your Woodards agent.

What this Means for Sellers

• No more auction-morning decisions. Under the new legislation, sellers can no longer wait until auction day to set their reserve figure.
• Data-Drive Strategy: Your agent gathers all buyer feedback and market evidence to help you make an informed decision about your reserve price.
• Building Buyer Confidence. A published reserve gives serious buyers the confidence to bid on auction day.
• Alternative options are available: If you'd rather not lock in a single reserve , or co-owners can't yet agree on a reserve,  a private sale is a straightforward alternative. Your Woodards agent can negotiate directly on your behalf, at a price you're comfortable with, without a reserve or 7-day deadline involved.

What this Means for Buyers

• Clear Budgeting. You'll know the seller's minimum a week before auction day, so you can quickly tell if a home is within your financial reach.
• Sharper due diligence: Knowing the seller's minimum early means you'll quickly know whether a property is within reach — so you only invest in building inspections, pest reports, and Section 32 reviews for homes you can actually afford.
• Understanding the Reserve Price: Remember that a published reserve is the vendor's minimum they will accept to call the property "on the market." Competitive bidding on auction day can still push the final sale price well above the reserve.

Selling or Buying This Spring?

Navigating these changes takes local market knowledge and clear advice. If you're preparing to list, or have questions about how the new rules affect your upcoming sale or purchase, reach out to your local Woodards team today.