MEDIA RELEASE
As new legislation impacting property transactions comes into effect today amid challenging market conditions, the Real Estate Institute of Victoria (REIV) is calling on Victoria’s next government to prioritise an urgent review of property sector policy settings and their overall impact on the state’s real estate market.
The legislation coming into effect today was passed as part of the Consumer Legislation Amendment Bill 2026 and includes new requirements for vendors to publish a reserve price at least seven days before an auction or fixed date sale. It also replaces the Statement of Information with the new Property Price Statement that will now include more information about comparable properties, the reserve price (where applicable) and must be updated with the sold price once the contract becomes unconditional.
The REIV emphatically supports price transparency but has cautioned against reforms that risk having the opposite effect to their intended objective and negatively impact market confidence. In the current market conditions, it becomes even more important that the next government prioritises reforms to simplify processes and build confidence in the Victorian real estate market.
Toby Balazs, REIV CEO, said a holistic review of property policy settings is critical for Victoria, given the state relies so heavily on the sector for revenue.
“Following the 2026 election, the next Victorian Government must focus on reviewing the effectiveness of all legislation introduced in recent years and its impact on the property market. By then, the new government will have enough data and evidence to show whether these new laws work as intended.”
"Meanwhile, the REIV’s immediate focus remains on working with Consumer Affairs Victoria to ensure the real estate sector understands the new laws and have best practice processes to comply.”
Key Reforms Effective 1 October 2026
Statement of Information (SOI) replaced with Property Price Statement (PPS)
Must be displayed prominently on internet advertising, adjacent to the advertised price
Must include key features of the subject property and of each comparable property:
the type of building
the number of bedroomsthe 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
any other prescribed feature
Must include the sale price within 7 days of the sale going unconditional
Must be published for at least 18 months, after the sale, and accessible to the public for free
Agents must publish vendor’s reserve price seven days before auction or sale by fixed date