Victoria’s new property price rules and the timing of the reserve

realestate.com.au reported on four Victorian property price rules starting on the 1st of October, and PIPA Chair Cate Bakos said Victorian sold price disclosure helps buyers while the published reserve arrives at a difficult time for sellers.

The four rules starting on the 1st of October

Benn Dorrington reported on the 29th of September 2026 that the Victorian government is introducing four property price rules from the 1st of October. A seller must publish a reserve at least seven days before an auction or fixed date sale, and the sale cannot proceed if the reserve has not been published by then. Agents must then update all advertising and marketing material, including the Property Price Statement, to show the reserve. The sale price must be disclosed a week after a sale becomes unconditional.

A Property Price Statement replaces the Statement of Information, and must set out key features of the property and of each comparable property. Where three comparable properties cannot be found, the agent must provide one or two.

The sold price rule applies to any sale that becomes unconditional on or after the 1st of October, including contracts signed before that date. Limited exemptions are available on application to the Director of Consumer Affairs Victoria. Agents face significant penalties for breaching the reserve rule, and underquoting already carries fines of more than $40,000 or the loss of commission. The government has flagged further changes next year, including earlier access to Section 32 statements and changes to the early release of deposits.

The market the rules arrive in

Melbourne home prices were 4.3 per cent lower than a year earlier on the latest realestate.com.au Home Price Index, and the city recorded a preliminary auction clearance rate of 50.3 per cent in the week before the article. Clearance rates have been lower since interest rates began rising earlier in 2026.

The Real Estate Institute of Victoria argued against mandatory publication of the reserve seven days ahead. Chief executive Toby Balazs said the industry supports greater transparency, and that implementation matters because the market is already in a difficult period.

Cate Bakos on the reserve rule

PIPA Chair Cate Bakos, a Melbourne buyer’s agent, told realestate.com.au she did not regard the reserve change as a positive step. Her concern is that sellers who do not want to publish a reserve may sell by private treaty instead. At auction a buyer can see who is bidding and what the last bid was. In a private sale a buyer generally sees neither. She said the risk of less transparency for buyers was real.

She also said the rule arrives at a difficult time for sellers, and expects the first few months to be challenging, while believing agents and sellers will adjust to it over time.

If we were in a vibrant market where it was a seller’s market and prices were soaring and auction clearance rates were high, I think we could anticipate that this regime would have a better chance at sticking because a vendor could set a reserve knowing that they could bank on multiple bidders.

Cate Bakos, Chair of PIPA, quoted on realestate.com.au, the 29th of September 2026

Setting a reserve a week earlier

The article notes that sellers and agents often learn the most about serious buyers and price expectations in the final week of a campaign. Under the new rule the reserve must be fixed before that week begins. In a market clearing at about half of scheduled auctions, a seller may be setting a public figure with fewer bids and less feedback than a stronger market would provide.

A reserve set too high risks a passed in auction with the figure already public. A reserve set low to attract bidding can be met by a single bidder. PIPA’s commentary on buying at auction without competition covers that case from the buyer’s side. For a buyer, the published reserve is a fixed figure a week out, but it remains the seller’s figure and is not a valuation. Private sale avoids publishing a reserve, which is the shift Ms Bakos expects.

Victorian sold price disclosure

Ms Bakos welcomed the sold price rule, and said it should have been introduced first. Her reasoning was that buyers can carry out their own due diligence when sale results are not withheld. The REIV also welcomed the change.

For a buyer, a disclosed sale price and a Property Price Statement that lists the features of each comparable give two separate checks on an agent’s price guide. For an investor, published sold prices make comparable evidence easier to assemble for a suburb or a street.

What buyers and sellers can do now

A seller preparing a campaign under the new rules can ask the agent:

• What comparable sales support the reserve, and how the Property Price Statement will present them.
• How the campaign timetable allows for the reserve to be set seven days out.
• Whether a private sale would suit the property better than an auction, and how that choice affects the published price guide.

A buyer can:

• Compare the published reserve against recent disclosed sale prices in the same street or suburb.
• Read the key features listed for each comparable, rather than the prices alone.
• Set a limit from comparable evidence before the reserve is published.

Using an adviser under the new rules

The companion post on bidder registration and Victoria’s new auction rules covers the point at which a Victorian auction sale becomes binding. Investors can search for an adviser holding the Qualified Property Investment Adviser (QPIA) accreditation. Practitioners who advise property investors can apply for QPIA accreditation.