Major Changes for Real Estate Agents: Victorian Property Reforms 2026
Major Changes for Real Estate Agents
The Victorian Parliament has passed the Consumer Legislation Amendment Act 2026, which received Royal Assent on 8 September 2026. The legislation introduces substantial changes to the Estate Agents Act 1980 and the Sale of Land Act 1962, aimed at improving price transparency, reducing underquoting and giving purchasers greater access to important information.
Changes to the Estate Agents Act
From 1 October 2026, significant new requirements will apply to the marketing and sale of residential property.
Mandatory disclosure of the reserve price
For an auction or fixed-date sale, the estate agent must obtain the vendor’s reserve price in writing and publish it for at least seven days before the sale.
The reserve must be expressed as a single dollar amount. Terms such as “from”, “over”, “starting at” or “$1 million plus” will not be permitted. An auction or fixed-date sale cannot proceed unless the reserve has been properly published for the required seven day period.
Once the reserve price is received, any advertised price below that reserve must be amended or removed-generally within one day for online advertising.
Property Price Statement
The existing Statement of Information will become known as the Property Price Statement.
It will need to provide clearer information, including:
- The indicative selling price
- The principal features of the property
- The address, sale price, sale date and key features of comparable properties.
- The vendor’s disclosed reserve price, where applicable.
The indicative selling price and Property Price Statement must be prominently accessible through online advertising. Physical advertising will also need to direct prospective purchasers to the statement, generally through a website address or QR code.
Publication of the final sale price
Within seven days after a residential sale becomes unconditional, the agent must ordinarily update the Property Price Statement with the final sale price and publish it online. The statement must remain freely accessible for at least 18 months.
Limited exemptions may apply, including circumstances involving family or personal violence.
A later stage of the reforms will also require agents to provide prescribed sale information – including the property address, key features and sale price – to the Director of Consumer Affairs Victoria. Unless proclaimed earlier, these information-reporting provisions commence by 1 December 2027.
Estate agents may also face licence suspension for failing to meet applicable trust-account audit requirements.
Changes to the Sale of Land Act
The amendments also change the handling of deposits and Section 32 Vendor Statements.
Early release of deposits
The present statutory section 27 early-release procedure will be repealed.
A deposit will not be capable of release before settlement unless the contract of sale expressly permits early release. Even where the contract allows it, an estate agent will be prohibited from deducting commission, marketing expenses or other costs from the deposit before settlement or rescission.
This makes the wording of the contract especially important. Vendors should not assume that their purchaser’s deposit will be available to fund another acquisition or meet selling expenses before settlement.
Unless proclaimed earlier, these deposit reforms commence on 1 July 2027.
Earlier availability of Section 32 Vendor Statements
For an auction or fixed-date sale, the Section 32 Vendor Statement must generally be available in electronic or hard-copy form at least 14 days before the first auction or fixed sale date.
For an ordinary advertised private sale, it must generally be available from 14 days after the property is first advertised. Different timing applies where a property is sold earlier or is not publicly advertised.
A vendor must also notify the purchaser in writing of any changes to the Section 32 Vendor Statement before the purchaser signs the contract. Failure to comply may give the purchaser a right to rescind in applicable circumstances.
Unless proclaimed earlier, these vendor-statement reforms commence on 1 June 2027, with transitional provisions applying to contracts entered into shortly after commencement.
What does this mean for the property market?
The reforms will require vendors, agents, conveyancers and legal advisers to begin preparing sale documentation earlier and to maintain closer control over advertising, reserve prices and disclosure material.
From a valuation perspective, the publication of reserve prices, comparable-property details and unconditional sale prices should provide greater market transparency. However, a disclosed reserve price remains a vendor’s selling instruction – it is not necessarily evidence of market value. Independent analysis of comparable sales, property characteristics, market conditions and purchaser demand will remain essential.
With more than 30 years’ experience in Victorian property valuation and advisory services, First Valuation Group assists property owners, purchasers, investors and professional advisers with independent market valuations, pre-sale advice and acquisition or disposal strategies.
To discuss any related property matter herein or other issues, please contact
Mark Ruttner, Managing Director
mr@fvg.com.au 0411 419 674
