MELBOURNE, VIC — 8 September 2026 — Victorian residential property buyers and sellers are preparing for significant changes to the way properties are priced, advertised and sold, with new property sale and underquoting requirements commencing from 1 October 2026.

The reforms will introduce greater price transparency around residential property sales, particularly for buyers considering auctions and fixed-date sales. Consumer Affairs Victoria says the changes are designed to improve price transparency, help tackle underquoting and make property sales fairer and clearer.

One of the most significant changes will affect auction reserve prices. From 1 October 2026, real estate agents will generally need to publish a seller's reserve price at least seven days before an auction or fixed-date sale. The reserve price must be expressed as a single dollar amount, without terms such as “from”, “over”, “+” or “starting at”. If the reserve has not been published within the required timeframe, the auction or fixed-date sale cannot proceed.

The current Statement of Information will also be replaced by a new Property Price Statement. The new statement will provide key features of the property being sold and comparable properties, and it must be displayed prominently in online property advertising.

Where an agent cannot identify three comparable properties but can identify one or two, those available comparable properties must still be included under the new requirements.

The reforms will also change how sold-price information is presented. Following an unconditional sale, agents will generally need to update the Property Price Statement with the sold price within seven days. The statement must then remain publicly available for at least 18 months, subject to applicable exemptions.

For Melbourne buyers, the reforms arrive alongside changes to the costs associated with registering property transactions.

Land Services Victoria's 2026–27 fee schedule introduced updated lodgement and search fees from 1 July 2026. The fee unit for the 2026–27 financial year is $17.27, with current transaction fees and calculators published by Land Services Victoria.

These charges are separate from land transfer duty, commonly referred to as stamp duty, and from professional conveyancing fees. As a result, buyers need to consider the complete cost of a property transaction rather than relying solely on the advertised purchase price.

“Property buyers need to look beyond the headline price when assessing a purchase,” said Eagle Peak Conveyancing. “The contract, property information, government charges, registration costs and settlement requirements all form part of the transaction.”

The timing of the reforms is particularly relevant for auction buyers. Under Victoria's existing auction framework, a successful auction purchase is generally unconditional and does not have a cooling-off period. This makes it important for buyers to understand the contract and property information before they bid.

The changes will continue beyond 2026.

From 1 June 2027, new timing requirements will apply to the availability of Section 32 vendor statements. For auctions and fixed-date sales, vendors will generally need to make the Section 32 available at least 14 days before the auction or fixed-date sale. Different timing rules will apply to private sales and properties sold shortly after advertising.

Further reforms will follow in 2027, including restrictions on agents taking commission from a deposit released before settlement from 1 July 2027 and requirements for agents to provide sold-price information to the Director of Consumer Affairs Victoria from 1 December 2027, subject to applicable exemptions.

The conveyancing industry is also undergoing professional changes. Some conveyancer licence fees will change from 25 November 2026, while annual continuing professional development requirements are scheduled to commence from 1 April 2027.

Together, these reforms represent a broader shift towards greater transparency and professional accountability across Victoria's property industry.

Eagle Peak Conveyancing, a Melbourne-based conveyancing business, is encouraging property buyers to understand their transaction costs and review relevant property documents before signing a contract or bidding at auction.

For buyers comparing a conveyancer Melbourne service, the business recommends looking beyond the advertised professional fee and checking what is included in the service, which searches are undertaken and which government or third-party charges are additional.

With the first major reforms taking effect from 1 October 2026, buyers and sellers have an opportunity to familiarise themselves with the new requirements before they become part of the standard property sales process.

About Eagle Peak Conveyancing

Eagle Peak Conveyancing provides residential and commercial conveyancing services across Melbourne and Victoria, assisting clients with property transactions, contract reviews and settlement coordination.