October 1st saw new property laws enacted by the Victorian State Government come into play. These new laws change the way real estate agents provide residential property sales pricing information to consumers.
The changes effective from 1st October include:
- Seller’s reserve price must be published at least 7 days prior to auction or fixed date sale. All marketing materials must reflect the reserve price. Importantly, auctions and fixed date sales cannot proceed if the reserve price wasn’t published 7 days prior.
- The Statement of Information is being replaced by the Property Price Statement (PPS). The PPS must be displayed prominently in online advertising and must include key features of the selling property and key features of comparable properties.
- Sold prices must be published. Agents have to update the PPS with the sold price 7 days after the sale becomes unconditional and the PPS must be publicly available for at least 18 months. Some exceptions do apply to the publication of the sale price, subject to approval by the Director of Consumer Affairs Victoria.
- Preferably three, but at least one or two comparable properties must be identified by the agent and included in the PPS.
More changes are set to be implemented from the 1st June, 2027.
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By Wendy Chamberlain
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