In October, new laws will take effect that change how Victorian real estate agents are required to provide price information for residential properties.
In this post, we share more about the new laws and the changes you may see on our website and in documentation from us.
Property Price Statements (PPSs) Will Replace Statements of Information (SOIs).
Effective date: 1 October 2026, for all auctions and fixed-date sales on and from 16 October 2026.
What it means: Agents will be required to display a Property Price Statement (PPS) for each property. The PPS will replace the current Statement of Information (SOI).
The PPS must include key features of the property being sold, and key features of each listed comparable property. It must be displayed prominently in online advertising.
What you’ll see from us: On the Bendigo Real Estate website, you will find a link to the PPS within each property listing, located prominently below the asking price.
Reserve Prices Must be Published Before Auction or Fixed-Date Sale.
Effective date: 1 October 2026, for all auctions and fixed-date sales on and from 16 October 2026.
What it means: Real estate agents must publish the property’s reserve price at least seven (7) days prior to an auction or fixed-date sale.
In addition, the price must be stated unequivocally (not including words such as “from”, “over” or “starting at”), and all advertising and marketing materials must be updated to reflect the reserve price.
What you’ll see from us: We will publish the reserve price at least seven days prior in an updated Property Price Statement and in the property listing on our website.
Sold Prices Must be Published After Sale.
Effective date: 1 October 2026, for sales that become unconditional on or after that date, even if the contract was signed before then.
What it means: The PPS must be updated with the sold price seven (7) days after the unconditional sale of the property. The PPS must be made publicly available for at least 18 months.
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.
What you’ll see from us: The PPS will be updated with the sold price within seven days of the unconditional sale of the property, and will remain published on our website in the “Sold” listings for 18 months after the sale.
At Least One (1) or Two (2) Comparable Properties Must be Selected, if Three (3) Cannot be Identified.
Effective date: 1 October 2026, for all auctions and fixed-date sales on and from 16 October 2026.
What it means: An estimated selling price must take into account the sale prices of three comparable properties. A residential property is a comparable property if it is of a similar standard or condition to the sale property, is located within a five-kilometre radius of the sale property, and was sold within the preceding 18 months.
To date, if three comparable properties could not be identified, a Statement of Information could instead include a statement outlining that the agent reasonably believed there were fewer than three comparable sales available.
Now, one or two comparable properties are identified, they must still be included in the Property Price Statement.
What you’ll see from us: Our Property Price Statements (PPSs) will identify up to three comparable properties, and will include key features of the comparable property or properties as outlined above.
More changes have been legislated and will come into effect in June, July and December 2027. We will share more information as those dates approach.
Confused? Curious? If you have any queries or would like to learn more about these changes, get in touch with our team on 03 4443 5500.
