New Victorian Auction Rules: Published Reserves and Sold Prices

Under Victoria’s new auction rules, agents must publish the seller’s reserve price at least 7 days before any residential auction or fixed date sale held on or after 16 October 2026, or the sale cannot go ahead. Since 1 October 2026, agents must also add the sale price to the property’s Property Price Statement within 7 days of the sale becoming unconditional, which affects every buyer and investor bidding or negotiating in Victoria.

Key takeaways

• For auctions and fixed date sales on and from 16 October 2026, the reserve must be published as a single dollar figure at least 7 days before the sale.
• If the reserve changes, up or down, the 7 day clock restarts and the sale cannot proceed until the new figure has been public for another 7 days.
• The Property Price Statement (PPS) has replaced the Statement of Information and must sit next to the advertised price online.
• Sale prices must be added to the PPS within 7 days of an unconditional sale and stay public for at least 18 months, including for private and off market sales.
• There is still no cooling off period for a successful auction bidder, so your homework has to be done before auction day.

What changed in Victoria’s auction rules in October 2026?

Consumer Affairs Victoria (CAV) lists a set of property sales and underquoting changes that took effect from 1 October 2026. The headline change is reserve price disclosure. For any auction or fixed date sale held on or after 16 October 2026, the agent must publish the seller’s reserve price at least 7 days before the sale.

CAV gives a simple example: for an auction on 16 October 2026, the reserve had to be disclosed by 9 October 2026.

The Victorian Government first announced the reform on 20 November 2025, describing it as an Australian first. Minister for Consumer Affairs Nick Staikos said agents that do not disclose the reserve within the timeframe will not be allowed to proceed to auction or sale, and the underquoting taskforce was made permanent.

The other changes now in effect are:

• Property Price Statement. The PPS replaces the Statement of Information. It must include key features of the property and of each comparable property.
• Sale prices published. Agents must update the PPS with the sale price within 7 days after the sale becomes unconditional.
• Comparable properties. If an agent cannot identify 3 comparable properties, they must identify 1 or 2 instead.

How must the reserve price be published?

CAV says the reserve must be a single dollar amount. Words or symbols such as “from”, “over”, “+” or “starting at” are not allowed.

All advertising and marketing material, including the PPS, must reflect the reserve. Online, the PPS must be displayed or linked on the first visible part of the main advertisement, next to the advertised price, rather than buried at the bottom of the listing. Physical advertising with property specific information must include a web address or QR code linking to the PPS.

If the reserve is not provided or advertised as required, CAV says the auction or fixed date sale “cannot go ahead”, and penalties apply.

Can the seller change the reserve after it is published?

Yes. CAV’s industry Q&As confirm a seller can change the published reserve in either direction. Any change, whether an increase or a decrease, restarts the notice period. The sale cannot proceed until the revised figure has been public for a further 7 days.

For buyers, a reserve change close to auction day will usually push the auction date back, so keep checking the PPS in the final week.

Can a property sell above or below the published reserve?

CAV’s Q&As say the seller can respond to bids during an auction, so bids above or below the published reserve can be accepted. The guidance we reviewed does not say the seller must sell once bidding reaches the published figure.

The general auction process still applies. CAV describes the reserve as the lowest price at which the seller will sell. When bidding reaches or nears it, the auctioneer checks with the seller, and the property is then “on the market”. If bidding falls short, the property may be passed in, and the highest bidder gets the first right to negotiate with the seller.

Do the reserve rules apply to private sales and pre auction offers?

The reserve disclosure rules cover residential auctions and fixed date sales. They do not cover private sales without a fixed date.

CAV treats a pre auction offer as a private sale, so it does not need the 7 day notice. If the seller rejects a pre auction offer and goes on to auction, no changes are required.

Two related points from CAV’s Q&As: a boardroom auction counts as a fixed date sale, so the agent must wait the full 7 days after publishing the reserve. Inviting offers by a set date and time could also be a fixed date sale, which means the reserve has to be public for 7 days first.

Remember the cooling off rules here. CAV says that if your offer is accepted less than three clear business days before the auction date, you do not get a cooling off period. Our guide to cooling off periods across Australian states covers the wider picture.

What are the new sold price disclosure rules?

Since 1 October 2026, once a sale becomes unconditional, the agent has 7 days to update the PPS with the sale price. The updated PPS must stay publicly available for at least 18 months after the sale.

CAV’s Q&As confirm this also applies to off market and private sales. Exemptions are limited to family or personal violence circumstances, granted on application to the Director of Consumer Affairs Victoria. A general preference for privacy is not enough.

Failing to publish sold prices carries a maximum penalty of 240 penalty units, which CAV currently states as $48,842. Existing underquoting offences still apply alongside the new rules.

What else is changing in 2027?

CAV lists further changes on the way:

• 1 June 2027. Agents must make the section 32 vendor statement available within 14 days after a private sale property is advertised, at least 14 days before an auction or fixed date sale, or before the buyer signs if the property is not advertised or sells within 14 days of advertising.
• 1 July 2027. The current early release of deposit process is repealed. Sellers and buyers can instead agree to early release through a condition in the contract. Agents must not take commission directly from a deposit released before settlement or rescission.
• 1 December 2027. Agents must provide sold price information to the Director of Consumer Affairs Victoria, unless an exemption is granted.

How do Victoria’s rules compare with the new NSW rules?

NSW is changing its own price rules this month, so investors buying in both states will meet two different systems. We put this side by side summary together from the Consumer Affairs Victoria and NSW Fair Trading pages, checked on 7 November 2026.

• Start date. Victoria: from 1 October 2026, with reserve disclosure for auctions and fixed date sales on and from 16 October 2026. NSW: from 17 November 2026, for agency agreements entered into on or after that date, or older agreements whose estimated selling price is revised on or after it.
• Price in the advertising. Victoria: the seller’s reserve, as a single dollar figure, published at least 7 days before an auction or fixed date sale. NSW: agents must include a selling price or price range in residential sale advertisements they arrange, including websites, social media and email.
• How comparable sales are chosen. Victoria: the Property Price Statement lists key features of the property and of each comparable property, and agents who cannot find 3 comparables must name 1 or 2. NSW: agents start with every property sold within 2 km in the previous 6 months in metropolitan areas, or within 5 km outside metropolitan areas.
• Price documents. Victoria: the Property Price Statement has already replaced the Statement of Information. NSW: every agent advertising a property must have a compliant Statement of Information from 8 February 2027.
• Sold prices made public. Victoria only: added to the Property Price Statement within 7 days of an unconditional sale and kept public for at least 18 months, including off market sales.
• Maximum penalties. Victoria: failing to publish sold prices carries up to 240 penalty units, currently $48,842, and existing underquoting offences still apply. NSW: court imposed penalties for underquoting offences of up to $110,000 or three times the agent’s commission, whichever is higher.

Our guide to the NSW underquoting laws from 17 November 2026 covers the NSW side in detail. We will update this comparison when either regulator publishes new guidance.

What this means for investors

Before these changes, Victorian buyers often had to estimate what a seller would accept. A published reserve narrows that gap. It does not tell you what a property is worth, and it does not set the final price, but it gives you a fixed reference point at least a week before the sale.

Earlier go or no go decisions. If the published reserve is above what your own research supports, you can walk away before spending on inspections and legal reviews.

Better evidence on comparable sales. With sale prices added to PPS documents within 7 days and kept public for 18 months, you should be able to see more recent, verifiable results, including for private and off market sales. Use them to test an agent’s comparable properties rather than relying on the agent’s selection alone.

More attention on private and pre auction deals. Because pre auction offers are treated as private sales, they sit outside the 7 day reserve notice. The usual due diligence still applies, and the cooling off position depends on timing.

If you are weighing up whether to bid or negotiate privately, our guide to buying at auction versus private sale sets out the differences.

What to do now

General information only. Discuss this checklist with your own advisers.

1. Find the PPS first. Open it from the top of the listing and note the published reserve, the comparable properties and the date it was published.
2. Check the reserve again in the final week. Any change restarts the 7 day clock and may move the auction date.
3. Run your own numbers before auction day. Work out your walk away figure from your research, not from the reserve.
4. Look up recent sold prices. Check updated PPS documents for nearby sales to test the agent’s comparables.
5. Get the contract and section 32 reviewed early. There is no cooling off at auction, and bidding means accepting the contract terms on display. Our page on conveyancing and contracts explains what to look for.
6. Plan your finance conditions. A successful bidder cannot add conditions such as finance unless the seller agrees, so confirm your position with your broker or lender before you bid.

Citadel Agency is a licensed buyers agency (Victorian estate agent licence 092247L) that bids and negotiates for investors under these rules. If you are buying in Melbourne, see how we work on our Melbourne buyers agent page.

Frequently asked questions

When did Victoria’s published reserve price rules start?

The changes took effect from 1 October 2026 and apply to residential auctions and fixed date sales held on and from 16 October 2026. The reserve must be published at least 7 days before the sale.

What happens if the agent does not publish the reserve in time?

Consumer Affairs Victoria says the auction or fixed date sale cannot go ahead, and penalties apply.

Can the reserve price change after it is published?

Yes. The seller can raise or lower it, but any change restarts the notice period. The sale cannot proceed until the new figure has been public for a further 7 days.

Does the published reserve apply to private sales?

No. The reserve rules cover auctions and fixed date sales. Private sales without a fixed date and pre auction offers are not covered by the 7 day reserve notice.

How soon are sold prices made public?

The agent must update the Property Price Statement with the sale price within 7 days after the sale becomes unconditional. It must stay publicly available for at least 18 months, including for private and off market sales.

Is there a cooling off period if I buy at auction?

No. Consumer Affairs Victoria says there is no cooling off period for a successful bidder. There is also none if a pre auction offer is accepted less than three clear business days before the auction date.

Sources

• Consumer Affairs Victoria: New changes to property sales and underquoting laws
• Consumer Affairs Victoria: Industry Q&As on the new property sales and underquoting laws
• Consumer Affairs Victoria: Buying property at auction
• Premier of Victoria: Bringing the hammer down on underquoting (20 November 2025)
• NSW Fair Trading: Changes to property and stock agents laws (29 October 2026)

Want a second opinion on a property before auction day? Book a free strategy call with our team.

General information only. It does not take into account your objectives, financial situation or needs. Speak to a qualified professional before acting.

General information only. It does not take your objectives, financial situation or needs into account and is not financial, tax, credit or legal advice.