Property Price Statement Victoria 2026: What Melbourne Buyers Need to Know

 If you are looking to buy a house, townhouse or unit in Melbourne, you may have noticed a Statement of Information attached to a property listing. From 1 October 2026, this document will be replaced by a new Property Price Statement (PPS) under Victoria’s updated property price transparency rules.

For buyers, the important point is simple: the price shown on this document is useful information, but it is not a valuation, a guaranteed sale price or a substitute for reviewing the property's contract and Section 32 statement.

The new rules are designed to give Victorian buyers clearer information about how a property's advertised price has been determined and how it compares with similar properties. However, buyers still need to carry out their own due diligence before making an offer or bidding at auction.

If you are buying property in Melbourne in 2026, understanding what the Property Price Statement does — and what it does not do — can help you make a more informed decision before committing to a purchase.

What Is a Property Price Statement in Victoria?

The Property Price Statement (PPS) is the new pricing information document for residential property sales in Victoria. It replaces the existing Statement of Information from 1 October 2026.

The document is intended to give prospective buyers important information about the property's advertised selling price and comparable properties.

Under the new rules, the Property Price Statement will include pricing information as well as key features of the property being sold and key features of the comparable properties used for comparison. It must also be prominently displayed with the property advertisement.

This is important because buyers should not have to rely only on a number displayed in a property advertisement. The supporting information can provide useful context when considering whether the advertised price appears consistent with comparable properties.

However, the PPS should be treated as one part of your property research, not as a complete assessment of whether you should buy the property.

What happens before 1 October 2026?

If you are reading this article before 1 October 2026, you may still see the document referred to as the Statement of Information.

Consumer Affairs Victoria currently states that the Statement of Information must include:

• a selling price or price range of up to 10%
• details of the three most comparable property sales, where available
• the address, sale date and sale price of comparable properties
• the median house or unit price for the suburb.

From 1 October 2026, the document will be renamed the Property Price Statement and additional requirements will apply.

So, if you see both terms used during the 2026 transition, there is a reason for the difference.

Is the Property Price Statement the Same as a Property Valuation?

No.

This is one of the most important distinctions for Melbourne buyers.

A Property Price Statement is not a formal property valuation.

A valuation is an estimate of a property's value prepared by a registered valuer, generally for a particular purpose. Consumer Affairs Victoria separately defines a valuation as an estimate of the value of a property by a registered valuer.

The price information in a PPS is instead part of the property's sales and advertising process.

For example, if a Melbourne property has an advertised price of $800,000, that does not mean:

• the property has been independently valued at $800,000
• the bank will automatically lend against an $800,000 valuation
• the seller must accept $800,000
• the property cannot sell for more than $800,000
• the property is necessarily worth more or less than the advertised figure.

The document gives you pricing information to consider. It does not remove the need for independent research and due diligence.

Can a Melbourne Property Sell for More Than the Price Shown?

Yes.

Buyers should understand the difference between an advertised price and the property's eventual selling price.

Consumer Affairs Victoria advises buyers to use advertised prices as a guide because pricing information can change while a property is on the market. The seller's reserve price at auction may also be higher than the advertised selling price.

Competition between buyers can also affect the final sale price.

Imagine a Melbourne home is advertised at $850,000. Several interested buyers may independently decide that they are prepared to pay more based on the property's location, land size, condition, features and their own financial circumstances.

If the property is sold at auction, competitive bidding can push the final price above the advertised figure.

This does not automatically mean the original price information was misleading. The important question is whether the agent complied with the applicable Victorian pricing and underquoting rules.

For buyers, the practical lesson is:

Do not set your maximum budget simply by looking at the advertised price.

Instead, consider the comparable sales, the property's characteristics, your finance position and the legal terms of the purchase.

What Are Comparable Properties and Why Do They Matter?

Comparable properties are properties used to provide context for the price information attached to the property being sold.

For a Melbourne buyer, comparable sales can be useful because a price means more when you can see how similar properties have actually sold.

However, "similar" does not necessarily mean identical.

Two properties in the same suburb can have substantially different values because of differences in:

• land size
• building size
• property condition
• number of bedrooms and bathrooms
• parking
• renovations
• position within the suburb
• views or aspect
• development potential
• zoning or planning considerations
• easements or other title restrictions.

This is why buyers should not simply take the highest comparable sale and assume their property must be worth the same amount.

The better approach is to look at the comparable properties alongside the actual characteristics of the property you are considering.

What Does a Property Price Statement Not Tell You?

This is where buyers need to be particularly careful.

A Property Price Statement is focused on property pricing information. It does not replace the other documents and checks involved in buying Victorian property.

It does not tell you everything about:

• the property's title
• easements
• covenants
• mortgages
• planning controls
• rates and other outgoings
• owners corporation matters
• special conditions in the contract
• building condition
• defects
• whether renovations comply with building requirements
• whether the property will suit your intended use.

These issues may need to be investigated through other documents, inspections and professional advice.

For example, Consumer Affairs Victoria explains that the Section 32 statement contains important information about matters such as mortgages, covenants, easements, zoning and outgoings. It also makes clear that the Section 32 does not provide information about matters such as the condition of buildings or whether buildings comply with building regulations.

That distinction matters.

A property can appear attractive based on its price and comparable sales while still requiring further investigation before you commit to the purchase.

Property Price Statement vs Section 32 vs Contract of Sale

These documents serve different purposes.

Document	Main purpose	Why it matters to a buyer
Property Price Statement	Provides pricing and comparable-property information	Helps you understand the advertised price
Section 32 / Vendor Statement	Discloses prescribed information affecting the property	Helps you investigate title, restrictions and other legal matters
Contract of Sale	Sets out the terms of the actual transaction	Determines what you are agreeing to when you buy

The Property Price Statement should therefore not be confused with the Section 32.

The Section 32 is a legal disclosure document. Victorian sellers must provide it to a buyer before the buyer signs the contract, and it contains prescribed information about the property.

The contract of sale is also critical because it sets out matters such as the purchase price, deposit, settlement arrangements and special conditions.

In practical terms:

The PPS helps you understand the price.
The Section 32 helps you investigate the property.
The contract sets out the deal you are agreeing to.

You need to understand all three.

What Should Melbourne Buyers Check Before Making an Offer?

Before signing a contract or making an important purchasing decision, it is worth looking beyond the advertised price.

1. Check the Property Price Statement

Look at the advertised price, comparable properties and other information provided.

If something does not make sense, ask the selling agent how the pricing information was determined.

Consumer Affairs Victoria states that buyers can ask an agent to explain how price information was developed or whether it has changed.

2. Obtain the Contract of Sale

Do not make the advertised price your only focus.

Read the actual contract and identify:

• purchase price
• deposit
• settlement period
• special conditions
• inclusions and exclusions
• finance conditions, if applicable
• any other terms that could affect your purchase.

3. Review the Section 32 Statement

The Section 32 may reveal matters that are not obvious from a property listing.

These can include easements, covenants, mortgages, zoning, outgoings and other information affecting the land.

4. Check the Property Itself

Price documents cannot tell you everything about the physical condition of a house or apartment.

A buyer may need to consider building inspections and other appropriate investigations.

5. Consider Planning and Development Issues

If you are buying because you want to renovate, extend, subdivide or develop the property, investigate whether planning controls, overlays or title restrictions could affect your plans.

Consumer Affairs Victoria notes that zoning, overlays and title encumbrances can restrict how land can be used or developed.

6. Consider Owners Corporation Information

For apartments and units, the financial and legal position of the owners corporation can be important.

Buyers may need to examine information concerning owners corporation fees, insurance, maintenance, proposed works, special levies and other issues.

What Should You Do If the Advertised Price Seems Too Low?

A surprisingly low advertised price should prompt questions, not an automatic assumption.

Start by looking at the comparable sales and asking the agent to explain the pricing information.

Then consider whether there are property-specific reasons for the difference.

For example:

• Is the property significantly smaller?
• Does it require substantial renovation?
• Is there an easement?
• Is there an unusual planning restriction?
• Is there an owners corporation issue?
• Is the property subject to another relevant restriction?
• Are the comparable properties genuinely comparable?

If you believe an agent has provided misleading pricing information or engaged in underquoting, Consumer Affairs Victoria provides a process for reporting suspected underquoting and recommends retaining relevant evidence such as advertisements, the Statement of Information and written representations.

What Changes Under Victoria's New 2026 Property Price Rules?

The 2026 changes are particularly relevant if you are buying later in the year.

From 1 October 2026, the Statement of Information will be renamed the Property Price Statement.

The new rules introduce additional requirements, including information about key features of the property being sold and key features of comparable properties. The PPS must also be prominently displayed with the property advertisement.

Consumer Affairs Victoria also states that, from 1 October 2026, agents will need to disclose a seller's reserve price seven days before an auction or fixed-sale date and publish the final sold price once a sale becomes unconditional, subject to the applicable commencement arrangements.

For auctions and fixed-date sales, some of these new requirements apply from 16 October 2026.

That means buyers should pay attention to the date and type of sale when considering which rules apply.

Does a Property Price Statement Replace a Contract Review?

No.

A Property Price Statement is about pricing information. It does not replace a review of the contract of sale and Section 32 statement.

This distinction is particularly important before you make an offer that could become legally binding.

Consumer Affairs Victoria recommends that buyers have the Section 32 statement checked by their own legal practitioner or conveyancer before buying.

A conveyancer can also review property documentation and assist with the conveyancing process, including the transfer of ownership.

For a Melbourne buyer, the safest workflow is therefore not:

See price → make offer → worry about documents later.

It is closer to:

Check price information → investigate the property → review the contract and Section 32 → understand the terms → then make an informed decision.

Property Price Statement Victoria 2026: Buyer's Checklist

Before committing to a Victorian property, consider this checklist:

• Check the Property Price Statement or, during the transition period, the Statement of Information.
• Look at the comparable property information.
• Consider whether the comparable properties are genuinely similar.
• Ask questions if the advertised price or supporting information is unclear.
• Obtain the contract of sale.
• Review the Section 32 / Vendor Statement.
• Check title restrictions, easements and covenants.
• Consider planning controls and overlays if relevant.
• Investigate owners corporation information when buying an apartment or unit.
• Consider a building or property inspection where appropriate.
• Understand the deposit and settlement terms.
• Have the contract and relevant property documents reviewed before committing where appropriate.

Final Takeaway for Melbourne Buyers

The new Property Price Statement Victoria 2026 rules are intended to give residential property buyers clearer information about advertised prices and comparable properties.

But buyers should not treat the PPS as a guarantee of what a property is worth or what it will ultimately sell for.

The price is only one part of the decision.

Before buying a Melbourne property, you should also consider the contract of sale, Section 32 statement, title, planning restrictions, property condition, owners corporation information where relevant and your own financial position.

Most importantly, don't let an attractive price range push you into signing a contract before you understand what you are agreeing to.

If you have found a Melbourne property and want the contract checked before committing, Eagle Peak Conveyancing can help with contract review and Victorian conveyancing.

Frequently Asked Questions

Is the Property Price Statement mandatory in Victoria?

From 1 October 2026, the Property Price Statement replaces the Statement of Information under Victoria's new property price transparency rules. The applicable requirements depend on the type and timing of the sale.

Is a Property Price Statement the same as a valuation?

No. A Property Price Statement provides pricing information for a property being marketed for sale. A valuation is an estimate of property value prepared by a registered valuer.

Can a property sell above the Property Price Statement price?

Yes. The advertised price is not necessarily the final sale price. In particular, competition at auction can result in a higher selling price. Consumer Affairs Victoria advises buyers to use advertised prices as a guide.

Does the Property Price Statement replace the Section 32?

No. The PPS and Section 32 serve different purposes. The PPS provides pricing information, while the Section 32 contains prescribed information about matters affecting the property.

Should I have the contract reviewed before making an offer?

For a significant property purchase, having the contract and relevant property documents reviewed before you commit can help you understand the legal terms and identify issues that may affect the transaction. Consumer Affairs Victoria recommends buyers have the Section 32 checked by their own legal practitioner or conveyancer before buying.

What should I do if I suspect property underquoting?

Keep evidence such as the property advertisement, Statement of Information or Property Price Statement and any written pricing representations. Consumer Affairs Victoria provides a process for reporting suspected underquoting.