Victoria implements property law reforms and trust account enforcement

Victoria has implemented significant reforms to its property sales and underquoting laws to increase market transparency. Effective from 1 October 2026, real estate agents are required to disclose a seller’s reserve price at least seven days before an auction or fixed-date sale. The reforms also introduce a new Property Price Statement to replace the previous Statement of Information, providing more detailed property features and comparable sales data. Additionally, agents must now publish final sold prices within seven days of a sale becoming unconditional.

In a parallel effort to protect consumer funds, Consumer Affairs Victoria (CAV) is increasing enforcement regarding trust account audits for estate agents and conveyancers. These accounts hold sensitive funds such as sales deposits and rent. Since 2021, investigations into audit breaches have resulted in over $400,000 in fines. Under recent legal changes, the Business Licensing Authority now possesses the power to suspend licenses for professionals who fail to complete mandatory audits. Estate agents are required to lodge audits within three months of the end of the financial year, while conveyancers have a seven-week deadline.