Victoria’s property industry could be heading towards some of its most significant procedural changes in years. The Victorian Government’s Consumer Legislation Amendment Bill 2026 proposes a broad package of reforms affecting real estate agents, vendors, buyers, conveyancers and other property professionals. 

For Victorian agents, some of the most significant proposals relate to reserve price disclosure, property price statements, Section 32 statements, trust accounts and the handling of deposits and commissions. 

Importantly, the Bill is still progressing through the parliamentary process. The reforms discussed below are proposed and may change before becoming law. However, with some measures proposed to commence as early as 1 October 2026, this is one piece of legislation Victorian agencies should have firmly on their radar. 

Reserve Prices Could Be Disclosed Seven Days Before Auction 

One of the biggest proposed changes concerns auction reserve prices. Under the Bill, real estate agents would be required to disclose a vendor’s reserve price at least seven days before an auction or fixed-date sale. That would represent a considerable shift in the way many Victorian auction campaigns currently operate. 

Reserve discussions often develop throughout a campaign as agents gather buyer feedback, assess competition and provide vendors with updated market information. If the proposed reform proceeds, those conversations will need to happen earlier. 

For agents, this places even greater importance on gathering meaningful buyer feedback from the beginning of a campaign and communicating it clearly to vendors. 

It could also change the way agents and auctioneers work together before auction day. Understanding genuine buyer activity, interpreting feedback and having informed conversations around price and strategy will become increasingly important if reserve decisions need to be made earlier. 

The Statement of Information Could Become the Property Price Statement 

Victoria’s existing Statement of Information is also set for a significant overhaul. Under the proposed reforms, it would be renamed the Property Price Statement (PPS) and become more prominent within property advertising. 

The PPS and indicative selling price would need to be displayed prominently on internet advertisements, with agents also required to provide more information about the key features of the property and the comparable properties used to determine the indicative selling price. 

The proposed reforms would also introduce new requirements after a sale. Agents would generally need to update the PPS with the residential property’s sale price within seven days of the sale becoming unconditional and make the statement available online, free of charge, for at least 18 months. 

For agencies, this isn't simply an advertising change. It could require closer attention to how pricing evidence is selected, documented, reviewed and retained throughout a campaign. 

More Property Sale Information Could Become Public 

There is another transparency measure further down the track. From 1 December 2027, the Bill proposes requiring agents to provide certain property sale information, including the sale price and key property features, to the Director of Consumer Affairs Victoria within seven days of a property sale becoming unconditional. The Director would then have the ability to publish that information. 

Together with the proposed Property Price Statement reforms, it points towards a much more transparent property pricing environment in Victoria. For agents, accurate information and strong record keeping will become increasingly important. 

Section 32 Statements Could Be Required 14 Days Earlier 

Another significant proposal affects the timing of Section 32 vendor statements. The reforms propose requiring a vendor to make the Section 32 statement available at least 14 days before an auction or fixed-date sale, or at least 14 days before a contract is signed. This could have a very practical impact on the way sales campaigns are planned. 

At present, vendors can sometimes move from deciding to sell to launching a campaign relatively quickly. A mandatory 14-day requirement would mean certain documentation needs to be prepared much earlier. Agents may therefore need to encourage vendors to engage their conveyancer or solicitor earlier in the listing process and allow sufficient time for documentation before setting campaign dates. 

For buyers, the proposal is intended to provide more time to review important property information and undertake appropriate due diligence before committing to a purchase. For agents, the takeaway is planning: campaign timelines may need to start earlier than they do today. 

Early Release of Deposits Could Also Change 

The Bill also proposes significant changes to the handling of property deposits. Under the proposed reforms, section 27 of the Sale of Land Act 1962 would be repealed, removing the existing statutory process through which vendors can seek early release of deposit money before settlement. Real estate agents would also be prohibited from taking their commission from deposit money before settlement. 

These changes could have practical implications for both vendors and agencies. Vendors who have previously relied on accessing deposit funds before settlement may need to reconsider their financial arrangements when buying their next property. Agencies may also need to review existing commission and trust accounting processes ahead of the proposed commencement. 

These particular changes are proposed to commence from 1 June 2027. 

Trust Account Compliance Is Also Being Strengthened 

The Bill isn't only concerned with sales and advertising. It would also strengthen the powers of the Business Licensing Authority in relation to trust account compliance, including allowing it to suspend an estate agent’s licence where trust account audit requirements haven't been met. 

For agency principals and managers, this reinforces something that should already be fundamental: trust account obligations and audit deadlines need robust internal processes behind them. Administrative non-compliance can have serious consequences for both the individual agent and the business. 

Different Reforms, Different Dates 

One potentially confusing aspect of this reform package is that the proposed changes don't all commence at the same time. Subject to the Bill passing and the final legislation, key dates currently proposed include: 

• 1 October 2026: reserve price disclosure and Property Price Statement reforms  

• 1 June 2027: Section 32 timing and changes relating to deposit release and agent commissions  

• 1 December 2027: additional property sale information reporting requirements  

Other measures, including some trust account and residential tenancy reforms, have different commencement arrangements. For agencies, that makes it particularly important not to treat this as one legislative change arriving on one date. 

What Should Victorian Real Estate Agents Be Doing Now? 

There is no need to overhaul agency procedures based on proposed legislation that hasn't yet completed the parliamentary process. But there is good reason to start preparing. If the reforms proceed substantially as proposed, they could affect listing processes, auction campaigns, vendor conversations, advertising, property pricing documentation, trust accounting and internal administration. 

Agency leaders should therefore be thinking about which systems and procedures could be affected, rather than waiting until a commencement date is around the corner. 

Sales teams will need to understand new disclosure requirements. Auctioneers and agents may need to bring reserve conversations forward. Administration teams may need new processes around Property Price Statements. Vendors may need to engage legal representatives earlier. This is ultimately a change-management exercise as much as a legislative one. 

A Significant Period of Change for Victorian Real Estate 

These proposed reforms also come ahead of another major change for the Victorian real estate profession.  From 1 April 2027, mandatory Continuing Professional Development is set to be introduced for Victorian Estate Agents and Agents’ Representatives. 

Together, these developments point towards a greater emphasis on professional knowledge, transparency and ongoing education across the Victorian property industry. For agents, keeping up with legislative change will increasingly become part of everyday professional practice. 

At Under The Hammer, we're continuing to monitor the reforms affecting Victorian real estate professionals as the state moves towards mandatory CPD. We'll continue providing practical industry updates and training to help agents understand not simply what has changed, but what those changes mean in day-to-day agency practice. 

Because with several significant reforms potentially arriving over the next 18 months, now is the time for Victorian agencies to start paying attention. 

Discover our Victorian Courses below.

The Consumer Legislation Amendment Bill 2026 remains subject to the Victorian parliamentary process. Proposed requirements and commencement dates may change before the legislation is finalised. This article provides general information only and should not be relied upon as legal advice.