The Victorian Government has announced plans to require real estate agents to publicly disclose the final sale prices of properties, aiming to improve transparency and reduce unfair practices in the state’s property market.
Under the proposed reforms, Australian-first laws will compel sold prices to be made public, complementing earlier measures that require reserve prices to be published ahead of auctions.
The move comes in response to concerns that undisclosed sale prices distort the market, inflate property values and make auctions less competitive.
Currently, there is no obligation for final sale prices to be publicly recorded, and information published by the Valuer-General Victoria can take months to appear. The lack of transparency has contributed to underquoting, where initial estimates are set below the likely sale price, leaving buyers competing without accurate information.
The government says the reforms will give buyers, vendors and agents a clearer understanding of actual market values. Published sold prices are expected to improve the accuracy of price estimates, support fairer reserve pricing, reduce wasted time at auctions, provide agents with more reliable comparable sales, and expose illegal or dishonest underquoting.
“Buying a house is stressful enough – so we’re making it fairer by requiring the sold prices of homes to be disclosed,” said Minister for Consumer Affairs Nick Staikos. He added that underquoting “artificially inflates house prices” and that the government is taking steps to “stamp it out”.
Erin Turner, CEO of the Consumer Policy Research Centre, said transparent sales information is crucial for most Victorians, who typically buy a home once or twice in their lifetime, describing the process as “high-stakes and stressful”.
The government will consult with industry stakeholders on details such as the timeframe for disclosure. Laws requiring agents to publish reserve prices at least seven days before auction or a fixed-date sale are expected to be introduced in the Victorian Parliament later this year.
The announcement follows recent changes requiring vendors, rather than buyers, to supply building and pest inspections, part of Labor’s broader agenda to improve fairness and affordability in the housing market.
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