Victoria introduces new property sale price disclosure rules

New laws in Victoria, Australia, will require real estate agents to disclose property sale prices within seven days of a sale. Starting October 1, this information must be made publicly available for at least 18 months via a Property Price Statement, which replaces the previous Statement of Information.

The legislation aims to combat underquoting, where properties are advertised below the estimated selling price or the vendor's asking price. By increasing transparency, the government intends to allow buyers to compare initial estimates and reserve prices against actual sale outcomes. Agents who fail to comply with these underquoting laws face penalties exceeding $48,842 and the potential forfeiture of their commission.

While agents must disclose prices publicly starting October 1, they are not required to report sale prices to the director of Consumer Affairs Victoria until December 1, 2027. Concerns remain regarding how consumers will access pricing data for off-market sales, which are frequently used for high-value properties and often bypass online portals.