- Residential sales in Victoria must come with a price statement from the agent.
- It shows the agent’s estimated selling price and comparable sales.
- Underquoting — advertising below a genuine estimate — is prohibited.
- New reserve-price rules also apply to auctions from 1 October 2026.
If you’ve house-hunted in Victoria, you’ll know the one-page Statement of Information. From 1 October 2026 it has been replaced by the Property Price Statement, alongside changes to how reserve prices relate to advertised prices at auction.
What the statement contains
The statement sets out the agent’s estimate of the selling price — as a single figure or a range — together with recent comparable sales and the median price for the suburb.
Why it matters: underquoting
Agents must not advertise or quote a price below their own estimate, the seller’s asking price, or a written offer the seller has rejected. The statement gives you a documented starting point to hold that estimate to.
Reserve prices at auction
The October 2026 reforms also introduced rules on reserve prices for residential auctions. If you’re planning to bid, ask the agent how the reserve relates to the advertised price guide and when it will be disclosed.
How to use the statement
Treat it as a starting point, not a valuation:
- Check the comparable sales yourself — are they really similar?
- Look at sale dates; older comparables can lag the market.
- Get pre-approval so you know your limit before auction day.
Frequently asked questions
Does the statement apply to private sales as well as auctions?
Yes — residential properties offered for sale in Victoria need a price statement, whatever the sale method.
What if the property sells far above the range?
Strong competition can push prices up. Persistent large gaps can be reported to Consumer Affairs Victoria for review.
This article is general information, not legal, tax or financial advice. Rules change and vary by state or province — check the official source or a qualified professional. Last reviewed 10 Nov 2026.