Sales Legislation Updates
buxton.com.au @buxtonmp
Real Estate for Lives in Progress
Est. 1861
Property sales rules have changed. We’ve got it covered. A simple guide for buyers and sellers on the Mornington Peninsula Victoria’s new property sales legislation introduces clearer requirements for price information, reserve prices and the publication of sold results. Most changes commenced on 1 October 2026, with the new auction and fixed date sale requirements applying to sales held from 16 October 2026. Here’s what you need to know.
The Property Price Statement The Property Price Statement, or PPS, replaces the Statement of Information. It provides the indicative selling price, comparable sales and the suburb’s median price. It now includes more detail about the property and comparable homes, such as bedrooms, bathrooms, parking, internal floor area and land size. The PPS must be prominently displayed or linked beside the advertised price in online listings. Buyers can also access it at inspections or request a copy from the agent. What this means for you: More information to help you understand pricing and compare properties.
Reserve prices disclosed earlier For auctions and fixed date sales held from 16 October 2026, the seller’s reserve price must be published online at least seven days beforehand. The vendor’s reserve must appear as a single dollar amount, with the PPS updated to reflect it. A fixed date sale sets a deadline for buyers to submit offers. This can include an Expressions of Interest campaign with a closing date. If the reserve is not published within the required timeframe, the auction or fixed date must be postponed until 7 days after the reserve is published. Changing the published reserve starts a new seven day disclosure period. What this means for you: Sellers need to decide their reserve earlier, with informed advice from their agent. Buyers can see the reserve before the auction or closing date.
Buxton Mornington Peninsula @buxtonmp
Real Estate for Lives in Progress
Est. 1861
Clear information. Confident decisions. Sold prices must be published For residential sales through an agent that become unconditional from 1 October 2026, the sold price must generally be added to the PPS within seven days. The PPS, including the sold price, must remain publicly available online for at least 18 months from the date the sale becomes unconditional. Unconditional means the contract is no longer subject to outstanding conditions, such as finance approval. This can happen before settlement. Off market sales are included. Even if a property was never publicly advertised for sale, its PPS and sold price must still be published online. Limited exceptions apply. These include certain agency agreements signed before 1 October containing a requirement not to disclose the price, and exemptions approved by Consumer Affairs Victoria for circumstances involving family or personal violence. A preference to keep the price private is not, by itself, grounds for an exemption.
We’re here to guide you It is more important than ever to choose an agent who understands the legislation and can explain how it affects your sale. At Buxton Mornington Peninsula, we’re across the changes. We’ll guide you through pricing, reserve decisions, campaign timing and disclosure requirements, so you understand what needs to happen at each stage. Whether you’re buying or selling, our team is here to answer your questions and help you move forward with confidence. Speak with our team to discuss your next move. For more detail or to verify the requirements, visit Consumer Affairs Victoria: https://www.consumer.vic.gov.au/licensing-and-registration/estateagents/new-changes-to-property-sales-and-underquoting-laws Information correct as at 06/10/2026
Buxton Mornington Peninsula @buxtonmp
Real Estate for Lives in Progress
Est. 1861