More changes to real estate legislation are on the horizon, impacting buyers and sellers. The latest legislative changes will come into effect on October 1st, in accordance with the Victorian Government’s Consumer Legislation Amendment Bill 2026.
The key change you will experience as a buyer or seller is in regard to the Statement of Information being replaced with the new Property Price Statement, which will be displayed adjacent to the advertised price on internet advertising.
The PPS will include key features of the advertised property and comparable properties, such as:
- the type of building
- the number of bedrooms
- the number of bathrooms
- the number of car spaces
- the size of internal built areas (floor space) in square metres
- the total size of the land in square metres
- other prescribed features.
And from October 1st, real estate advertisements must display the sale price within 7 days of a sale going unconditional and be published for at least 18 months after the sale, as well as being freely accessible to the public.
Also, agents must publish the seller’s reserve price at least 7 days before an auction or fixed-date sale.
Hold onto your hats, this spring selling season is going to be interesting!
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By Wendy Chamberlain
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