For years, Victorian buyers have turned up to auctions with a price guide in hand, only to watch homes sell far above it. That’s the problem the state’s new price transparency laws are meant to fix. From 16 October 2026, every residential auction and fixed-date sale in Victoria must publish the seller’s reserve price at least seven days beforehand. Last weekend was the first under the new rules. Here’s the plain-language guide.
What Changed
Under the reforms, the seller’s reserve must be published as a single dollar amount, with no “from”, “over” or price ranges, at least seven days before an auction or fixed-date sale. If it hasn’t been published for the full seven days, the sale can’t go ahead, and penalties can apply.
If the reserve changes, the new figure has to be published for another seven days before the sale. A new Property Price Statement replaces the old Statement of Information, sold prices must be published, and agents must provide comparable sales evidence.
The Timeline
The laws commenced on 1 October, with reserve publication applying to sales held from 16 October. From 1 June 2027, the Section 32 vendor statement must be available at least 14 days before an auction or fixed-date sale, and from 1 December 2027, agents must report sold prices to Consumer Affairs Victoria.
What It Means for Buyers
You’ll know the minimum the seller will accept a week before the auction, which makes it easier to decide whether a property is genuinely within your budget before paying for inspections and reports. But a reserve is a floor, not a forecast. Economists have pointed out that in a competitive auction, homes can still sell well above the reserve, so don’t assume the published figure is the likely sale price.
Watch for “offers by” campaigns too. Consumer Affairs Victoria has indicated that inviting offers by a set date can count as a fixed-date sale, which means the reserve rules would apply.
What It Means for Sellers and Agents
Sellers lose the flexibility to adjust their reserve on auction morning. The industry body, the REIV, has warned the rules could push some vendors away from auctions, or lead them to set higher reserves earlier to avoid underquoting claims. Agents need to get written instructions and a reserve set earlier in the campaign, and update advertising to match. Underquoting penalties in Victoria are significant, including fines and losing the commission.
The Weekend Numbers
Early results don’t show a dramatic shift yet. Domain’s preliminary figures put Melbourne’s clearance rate at about 53 per cent for the week, against 69 per cent a year ago, in line with the broader market slowdown. Auction volumes across the capitals remain well below last year.
The Bottom Line
Victoria now requires sellers to publish their reserve price at least seven days before an auction or fixed-date sale, as a single figure, with more reforms due in 2027. Buyers get earlier, clearer information, but a reserve isn’t a sale price. Sellers and agents need to set reserves earlier and plan campaigns around the new rules. Full details are on the Consumer Affairs Victoria website. This is general information, not legal or financial advice.
Epik Wire covers the property market in plain language for buyers, sellers, owners and agents. Subscribe to our newsletter to stay informed.
