{"id":7070710,"date":"2026-10-01T02:40:14","date_gmt":"2026-10-01T02:40:14","guid":{"rendered":"https:\/\/fivemor.com\/?p=7070710"},"modified":"2026-10-01T02:40:14","modified_gmt":"2026-10-01T02:40:14","slug":"victorian-gov-forces-homeowners-to-reveal-sold-property-prices","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=7070710","title":{"rendered":"Victorian gov forces homeowners to reveal sold property prices"},"content":{"rendered":"


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The real estate industry is sounding the alarm on a new Victorian government law that will force homeowners to reveal their home\u2019s sold price from October 1.<\/strong><\/p>\n

The legislation\u2019s only exceptions will apply to buyers and sellers whose circumstances are affected by personal or family violence.<\/p>\n

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New Victorian laws will obligate buyers and sellers to publicly disclose what they spend on offloading or acquiring a home.<\/p>\n<\/div>\n

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Industry figures have expressed caution about a lack of a public awareness regarding the new regulations, plus the impact on individuals\u2019 privacy and how the state\u2019s already flagging auction market will fare under the controversial changes.<\/p>\n

RELATED: New Victorian auction and set-date laws, what sellers need to know<\/a><\/p>\n

New Victorian auction law will cost sellers, create legal underquoting<\/a><\/p>\n

Expert guide to navigating Victoria\u2019s unpredictable spring market<\/a><\/p>\n

There\u2019s even speculation the law, combined with recent alterations to auction reserve price disclosure rules, could cost Ben Carroll\u2019s government at the polling booth when the state election is held in November.<\/p>\n

Under the legislation, it will be compulsory for agents to update an online Property Price Statement (PPS) with a sold sum within seven days of a home\u2019s sale.<\/p>\n

The PPS must be made publicly available for at least 18 months, unless the Consumer Affairs Victoria director grants an exemption for family or personal violence reasons.<\/p>\n

The law will apply to residential sales which become unconditional on or after October 1, even if the contract was signed before then.<\/p>\n

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Agents will face a hefty fine if they\u2019re court breaking the new laws.<\/p>\n<\/div>\n

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Real Estate Institute of Victoria chief executive Toby Balazs says homeowners could take their frustration and anger out on agents, if they don\u2019t want their home\u2019s price divulged.<\/p>\n<\/div>\n

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Real Estate Institute of Victoria chief executive Toby Balazs said even if a buyer or seller was adamant they did not want a price published, an agent would have no choice but to do so.<\/p>\n

Mr Balazs said although those in the property industry were aware of the changes, there hadn\u2019t been a consumer awareness campaign to educate the public about them.<\/p>\n

He noted the REIV supported sold figures being disclosed to improve transparency for buyers but that he was concerned about the legislation itself putting agents in potentially volatile situations when clients became upset about their prices being published.<\/p>\n

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The only exception to the laws will be people who gain permission from Consumer Affairs Victoria\u2019s director due keep a price under wraps, due to personal or family violence.<\/p>\n<\/div>\n

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\u201cUnfortunately, the way the legislation is drafted, it puts the agent in the middle of any dispute or frustration from buyer or seller about having it published,\u201d he said.<\/p>\n

\u201cI think early on, until it becomes embedded and people understand that this is the new norm, there\u2019s likely to be some frustration or anger potentially directed towards agents.\u201d<\/p>\n

Mr Balazs said this would occur when homeowners mistakenly believed agents had chosen to release their sensitive personal information, whereas in reality an agent who did not publish a sold price would face an almost $49,000 fine.<\/p>\n

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Agents are concerned that there hasn\u2019t been enough public education on the new real estate rules.<\/p>\n<\/div>\n

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The Victorian Opposition\u2019s Consumer Affairs spokesperson, Jade Benham, said she believed the entire housing and real estate sector would require a review if Labor and the Nationals won the upcoming election.<\/p>\n

Ms Benham described the Labor government\u2019s auction law changes as \u201cthe final nail in the coffin\u201d for the state\u2019s property market, with NSW looking set to steal Victoria\u2019s crown as Australia\u2019s auction capital.<\/p>\n

She added that the new laws would likely lead to less auctions, which would in turn reduce transparency for buyers.<\/p>\n

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\"Jade<\/picture><\/div>\n
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The Opposition\u2019s Consumer Affairs spokesman, Jade Benham, says Victoria\u2019s new real estate laws will result in less transparency for buyers. Picture: David Geraghty<\/p>\n<\/div>\n

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According to realestate.com.au, Victoria is slated for 707 auctions in the week from Monday, October 5, to Sunday, October 11, \u2013 compared to NSW\u2019s 841 auction tally for the week.<\/p>\n

\u201cThe government seems to think that, particularly with the advanced reserve price publishing, that\u2019s going to combat under quoting \u2013 which is completely misled,\u201d Ms Benham said.<\/p>\n

\u201cIf they want to target the bad actors in the real estate industry, the last thing you would do is put them behind closed doors and take sales of properties off market where we are seeing more properties bought and sold now than we ever have.\u201d<\/p>\n

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Abercrombys\u2019 Jock Langley says that a lot of people would feel uncomfortable revealing what they have spent on what is likely their biggest asset, their home.<\/p>\n<\/div>\n

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Abercrombys\u2019 director Jock Langley it was likely that a lot of people would feel \u201cvery uncomfortable\u201d about their home\u2019s sold figure, or just how much they had spent on a property, being made public.<\/p>\n

\u201cI think all it\u2019s doing, it\u2019s creating more outrage, more debate, and probably more frustration,\u201d he said.<\/p>\n

Mr Langley said it was impossible to predict how Victorians would react to the changes but<\/p>\n

\u201cpeople will either get used to it or they\u2019ll vote\u201d.<\/p>\n

\u201cThey\u2019ll fight with their feet when they get the chance on the 28th of November,\u201d he said.<\/p>\n

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Marshall White\u2019s John Bongiorno says he\u2019d like to see more transparency from the Victorian government itself.<\/p>\n<\/div>\n

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Marshall White\u2019s John Bongiorno said the new laws had not been widely or properly promoted by the government.<\/p>\n

Mr Bongiorno added that a lot of people \u201cdon\u2019t like to run around, telling others what their bank balances are\u201d \u2013 and that was essentially what the legislation came down to.<\/p>\n

The agency\u2019s group sales director said when it came to financial transparency, he would like to see the current government more open about their own dealings \u201cespecially when it comes to wasting Victorian taxpayers\u2019 money\u201d.<\/p>\n

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Sign up to the Herald Sun Weekly Real Estate Update. Click here<\/a> to get the latest Victorian property market news delivered direct to your inbox.<\/p>\n

MORE: Home approvals drop, apartment plunge threatens Albanese target<\/a><\/p>\n

New Vic auction laws numbers see state trail behind NSW<\/a><\/p>\n

101 Australian suburbs average homebuyer will lose after rate rise<\/a><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

The real estate industry is sounding the alarm on a new Victorian government law that will force homeowners to reveal their home\u2019s sold price from October 1. The legislation\u2019s only exceptions will apply to buyers and sellers whose circumstances are affected by personal or family violence. 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