Three Changes, Three Commencement Dates
The Consumer Legislation Amendment Act 2026 (No. 36/2026) received Royal Assent on 8 September 2026. It amends both the Estate Agents Act 1980 (Vic) and the Sale of Land Act 1962 (Vic), but the changes do not all start at the same time. Three separate commencement dates apply, and confusing them may lead vendors or buyers to act too early or too late.
From 1 October 2026: Reserve Prices and the Property Price Statement
Two Estate Agents Act 1980 (Vic) changes take effect on 1 October 2026. A transitional provision exempts auctions and fixed-date sales occurring within 14 days after that date, so the rules apply in full from around 15 October 2026.
Reserve price disclosure: agents must publish the vendor’s confirmed reserve price at least 7 days before any advertised auction or fixed-date sale of residential property. Consumer Affairs Victoria guidance confirms the penalty for non-compliance is 240 penalty units. At the current penalty unit value of $209.10 (fixed from 1 July 2026 under the Monetary Units Act 2004 (Vic)), that equals $50,184. For vendors, this means the reserve price must be finalised earlier in the campaign rather than left undecided until auction day. For buyers, the published figure must match the actual reserve, which directly addresses underquoting.
Property Price Statement: the existing Statement of Information for residential property is replaced by a new Property Price Statement. Consumer Affairs Victoria guidance states that it must be prominently displayed in all online listings, updated with the sale price within 7 days of an unconditional sale, and kept publicly accessible online for 18 months. The same penalty of 240 penalty units applies.
From 1 June 2027: The Section 32 Timing Rule
This change is not yet in force. From 1 June 2027 (or earlier if proclaimed), Sale of Land Act 1962 (Vic) amendments will require vendors to make the Section 32 vendor statement available to prospective purchasers at least 14 days before an advertised auction, a fixed-date sale, or the signing of any other contract. According to Consumer Affairs Victoria guidance, a purchaser who does not receive the statement within the required period may rescind the contract at any time before settlement, and the breach cannot be remedied after the contract is entered into.
Vendors and conveyancers selling at auction today are not yet subject to this rule, but campaign timelines for preparing the Section 32 will need to change before June 2027.
From 1 July 2027: Deposit Release Rules Change
This change is also not yet in force. From 1 July 2027, section 27 of the Sale of Land Act 1962 (Vic), which currently provides a statutory mechanism for releasing the deposit before settlement, will be repealed. Early deposit release will then require an express contractual term agreed between the parties. Agents will also be prohibited from deducting commission from deposits before settlement, under new provisions of the Sale of Land Act 1962 (Vic).
How W Legal Group Can Help
For assistance with selling property under Victoria’s new auction and disclosure rules, contact W Legal Group at hello@wlegalgroup.com.au or (03) 9590 6180. To learn more about conveyancing and property transactions in Victoria, visit our property conveyancing Victoria page.
