The Property Price Statement: what Victorian agents must do now

What changed, and from when

The changes come from the Consumer Legislation Amendment Bill 2026, which amends the Estate Agents Act 1980 and other laws. The Victorian Government tabled it in June 2026. The REIV reported on 27 August 2026 that the Bill had passed both houses of the Victorian Parliament. CAV now describes the changes as "now in effect". Here is what CAV lists, with the dates exactly as CAV gives them.

CAV gives a worked example. A sale held on 16 October 2026 needed the reserve disclosed by 9 October 2026.

On sold prices, CAV's underquoting page says the rule applies to properties sold after 1 October 2026. The exception is a sale authority signed before that date that contains a term prohibiting disclosure.

What the Property Price Statement must show

The PPS keeps everything the Statement of Information required. CAV says it must also include the key features of the property for sale and of each comparable property.

For the property for sale

• Indicative selling price. A single price, or a range of up to 10%.
• The reserve price, once you receive it for an auction or fixed-date sale. The PPS then shows both the reserve and the indicative selling price.
• Type of building.
• Bedrooms, bathrooms and car spaces.
• Internal built area in square metres.
• Total land size in square metres. In rural or regional areas you may add acres or hectares.

CAV says internal built area is the floor space offered for sale. Measure it in a practical way a reasonable buyer would understand. Record it in square metres and document how you measured it.

For each comparable property

• Address
• Sale price
• Date of sale
• The same key features listed above

If you used fewer than 3 comparables, the PPS must say why.

The indicative price floor

CAV says the indicative selling price must not be lower than your estimated selling price, the seller's asking price, or a written offer the seller has already rejected. If a written offer is rejected because it is too low, update the indicative price and any lower advertised price. Advertised prices cannot use words or symbols like "offers above", "from" or "+".

Where the PPS must appear online and offline

This is the change most listings will need to fix. Under the old rules, the Statement of Information was often a link at the bottom of the page. CAV's own words are that the PPS must not sit "right at the bottom of the listing."

• Main online ads. Show the PPS, or link to it, on the first visible part of the main advertisement, immediately next to the advertised price.
• Physical ads. Any physical ad with property details needs a web address or QR code that links to the PPS. A generic "Forthcoming auction" sign with no property details does not.
• Open inspections. Display it at every open inspection.
• On request. Give it to a prospective buyer within 2 business days.

Check every place the listing lives: the portals, your agency website, social posts and any buyer tour pages. If a page shows a price, the PPS link belongs right beside it.

Some agencies use interactive listing tours as well as portal ads. With Tap Vortex, for example, tours for Victorian listings keep the price information and the PPS visible without any form or consent step. Whatever tool you use, never put the PPS behind a sign-up.

The reserve price publication rule

This applies to residential auctions and fixed-date sales run by an agent. It does not apply to commercial sales, private sales with no fixed date, or owner-run sales. Here is the process CAV sets out:

1. Advise in writing. Give the seller a written statement of advice with a recommended reserve and your reasons. Explain that the reserve must be a single dollar amount.
2. Get the answer in writing. The seller signs to accept, asks for another recommendation, or proposes their own figure. Sellers can still set a reserve above the range you advertised earlier.
3. Publish it at least 7 days before the sale. Use one dollar figure. No "from", "over", "+" or "starting at".
4. Update online ads within 1 business day of getting the reserve. Update all other marketing, including the PPS.
5. Show only the reserve as the advertised price from then on. The PPS shows both the reserve and the indicative selling price.

When the reserve changes

Any change, up or down, restarts the 7 days. The sale cannot go ahead until the new reserve has been public for another 7 days. If the new reserve is above the indicative selling price, update the indicative price too.

What counts as a fixed-date sale

• A boardroom auction counts as a fixed-date sale.
• An "offers by a set date and time" campaign may be one.
• A pre-auction offer is treated as a private sale. The seller can accept it and cancel the auction.

The sold price update rule

Once a sale is unconditional, the clock starts.

• Update the PPS with the sale price no later than 7 days after the sale becomes unconditional.
• Keep the updated PPS online and public for at least 18 months after the sale.
• This covers all agent-run residential sales, auction or private. It still applies to an off-market sale that was never advertised.

Exemptions

CAV can grant an exemption where family violence or personal violence affects the seller or buyer. A general wish for privacy is not enough. The seller, the buyer, or an agent acting for either can apply through CAV's online form, within 7 days of the unconditional date.

Watch this point closely. While an exemption is granted or still pending, publishing the sale price is an offence. Tell your sellers about their exemption rights early, and check for a pending application before anything goes live.

CAV suggests you record the contract price, the unconditional date, the publication date and the exemption status for every sale.

Comparable properties: the 1 or 2 rule

The definition of a comparable property has not changed. It is a property of similar standard or condition that sold:

• within the last 6 months and within 2 km, in metropolitan Melbourne, or
• within the last 18 months and within 5 km, outside metropolitan Melbourne.

What has changed: if only 1 or 2 comparable sales exist in that window, you must use them. Before, fewer than 3 meant you did not need to list any. CAV calls the choice of the 3 most comparable properties an objective test.

If a comparable's details are missing, take reasonable steps to find them and keep a record of your searches. You can still include the property and write "not available" where needed.

The approved templates

CAV has published four PPS templates in Word format. Pick the one that matches the property and its location:

• Single residential property, metropolitan Melbourne
• Single residential property, outside metropolitan Melbourne
• Multiple units of a single type or class, metropolitan Melbourne
• Multiple units of a single type or class, outside metropolitan Melbourne

CAV says the forms were updated in September 2026. Download them from CAV's changes page rather than reusing an old Statement of Information file.

Penalties and enforcement

• Sold prices. CAV's industry Q&As put the maximum penalty for failing to publish sold prices at 240 penalty units, "currently $48,842".
• Underquoting. CAV's underquoting page says agents who breach the underquoting laws risk a penalty of more than $50,000 (240 penalty units).
• Commission. For more serious offences, such as an unreasonable estimated selling price or advertising below it, agents may lose the commission on the sale.
• Publishing when you shouldn't. Publishing a sale price while an exemption is granted or pending is an offence.

CAV says existing underquoting offences still apply, and the Australian Consumer Law may also apply. Its Underquoting Taskforce monitors online campaigns, reviews sales files, attends auctions and responds to reports. Outcomes can include warnings, infringement notices, or court or tribunal action.

What is coming in 2027

CAV lists these as upcoming. They are not in force yet.

• 1 June 2027: Section 32 vendor statements must be available earlier. That means within 14 days of advertising for private sales, and at least 14 days before auctions and fixed-date sales.
• 1 July 2027: The current early deposit release process is repealed. Parties can agree to early release through a contract condition instead. Agents can't take commission directly from a deposit released before settlement or rescission.
• 1 December 2027: Agents must give sold price information to the Director of Consumer Affairs Victoria, unless an exemption is granted.

A practical checklist for every Victorian listing

1. Use the right CAV template, the September 2026 version.
2. Measure internal built area in square metres and write down how you did it.
3. Choose comparables objectively. Use 1 or 2 if that's all there are, and say why there are fewer than 3.
4. Check the indicative price is not below your estimate, the asking price or any rejected written offer.
5. Put the PPS link right next to the price, at the top of every online ad.
6. Add a QR code or web address to boards, brochures and print ads.
7. Bring printed copies to every open inspection.
8. For auctions and fixed-date sales, give written reserve advice and get the seller's written reply.
9. Publish the reserve as one dollar figure at least 7 days out. Update online ads within 1 business day.
10. If the reserve changes, restart the 7 days and move the date if needed.
11. On unconditional, check for an exemption application, then add the sold price within 7 days.
12. Keep the PPS online for 18 months. Diary the removal date.

Price questions are often where buyers go quiet. If you want to see where that happens in your own campaigns, try the buyer drop-off check. For handling price-guide enquiries from the portals, see our guide to portal enquiry follow-up. Once a campaign is running, reserve and price changes belong in your weekly vendor report.