Statement of Information Victoria: How Buyers Should Research Property Prices

04.06.2026 16:28:13 - By Eliza Wong

UPDATED: OCTOBER 2026


Victoria has introduced the Property Price Statement (PPS), which replaces the former Statement of Information under new property price transparency laws. The PPS requirements apply to non-auction residential sales from 1 October 2026 and to auctions and fixed-date sales held on and from 16 October 2026. 

This article has been updated to reflect the new PPS requirements and what they mean for buyers.

What is a Property Price Statement

The Property Price Statement (PPS) is the price disclosure document Victorian estate agents must prepare for residential properties they are engaged to sell. It replaces the former Statement of Information and gives buyers more detailed information about how a property is being priced.

The PPS includes the indicative selling price, key features of the property being sold, details and key features of the most comparable sales, and the median price for the same property type in the suburb. For auctions and fixed-date sales covered by the new rules, it must also include the seller’s reserve price once received. After a 
sale becomes unconditional, the final sale price must generally be added to the PPS within 7 days.

The additional disclosure improves price transparency, but the PPS is not an independent valuation - it remains a price guide. Buyers should still test the information against their own comparable-sale research, the condition and location of the property, current campaign evidence and other factors that may affect value.

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Audience: owner-occupiers, first home buyers and upgraders

Category: Buyer Education

Quick Answer
The Property Price Statement helps property buyers test a guide price by showing the indicative selling price, comparable sales, key property features and suburb median. For auctions and fixed-date sales, it will also show the seller’s disclosed reserve price before the sale. Use the PPS as an important source of evidence, but still test it against recent comparable sales, sold results, suburb performance data, campaign behaviour, property risk and a budget that is comfortable for you.

A price guide can make a property feel possible before you have done the work to know whether it is.


That is where many Melbourne property buyers get caught. The guide looks close enough. The floor plan works. The photos are good. The first inspection feels promising. 


Then the auction result lands well above the range, or the agent starts talking about interest levels that do not match the number you saw online.


It is easy to turn that frustration into one question: was the guide wrong?


Sometimes that question is fair. But it is not the most useful starting point for your buying strategy. The better first question is:

What is this property likely to be worth to the market, and does that number fit our real budget?

The Property Price Statement can help you answer that, particularly because it now contains more detailed information about the property and comparable sales. But it should still be the start of your pricing work rather than the end. Test it against comparable sales, suburb performance data, current campaign signals and the cost and risk of owning that particular property.

The property buyer's job is to build a realistic price view before the real estate agents campaign builds one for you.

Before You Read Further

This article is general information only. It is not financial advice, credit advice, legal advice, tax advice or a recommendation to borrow, buy, bid or use a particular lender.

Property buyers should check current Consumer Affairs Victoria guidance and speak with the relevant professional where advice is needed for their situation.

price check

The price guide is a clue, not the answer.

Read:  the PPS, indicative selling price, key property features and comparable sales

Check: sold results and suburb performance data

Watch: campaign interest, rejected offers, PPS updates and guide changes

Decide: whether the likely price still fits your comfortable budget

    next steps

    If the price guide, comparable sales and campaign signals are not lining up, Buy with Eliza can help you work out whether the property is still in range before you bid, offer or walk away.
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    What the Property Price Statement Can Tell You

    In Victoria, the Property Price Statement has replaced the former Statement of Information under new property 
    price transparency laws. It gives buyers more information about the property’s pricing and the sales evidence 
    being used by the agent.

    The PPS includes an indicative selling price, the most comparable sales, the median price for the same property type in the suburb and key features of both the property being sold and each comparable property. Those key features include building type, bedrooms, bathrooms, car spaces, internal floor area and land size.

    If fewer than three qualifying comparable properties were available, the PPS must state that fewer than three were taken into account. If one or two qualifying comparable sales exist, those sales must still be taken into account and listed.

    Before you decide a property fits your budget, look at:
    • the advertised price or range
    • the indicative selling price in the PPS
    • the comparable sales listed
    • how the key features of those comparables actually compare with the property
    • the suburb median for the same property type
    • whether fewer than three comparable sales were used, and why
    • whether the PPS or indicative price has changed during the campaign
    • for an auction or fixed-date sale, the disclosed reserve price once it becomes available
    If all you have done is read the online price guide, you have only read the real estate agents campaign opening guide.

    What Changed From the Statement of Information?

    The Property Price Statement is more than a renamed Statement of Information.

    Buyers now receive more information about the property being sold and the comparable sales being used to 
    support its price. The PPS identifies key features such as building type, bedrooms, bathrooms, car spaces, internal floor area and land size.

    Agents must take into account the three most comparable qualifying sales where three are available. If only one or two qualifying comparable sales exist, those sales must still be taken into account and the PPS must explain why fewer than three were available.

    For auctions and fixed-date sales covered by the new rules, the seller’s reserve must also be disclosed before the sale. After a property sells unconditionally, the PPS must generally be updated with the final sale price and remain publicly available online for at least 18 months.

    For buyers, that makes the PPS a more useful research document than the old SOI, but you still need to test the evidence rather than accepting the numbers at face value

    Why the Price Guide Is Only a Starting Point

    Buyer interest may be deeper or more shallow than expected.  Consumer Affairs Victoria (CAV) tells property buyers to use advertised prices as a guide only because prices can change while the property is on the market. CAV also says an advertised or quoted selling price may vary during the campaign to reflect recent comparable sales, market trends and rejected offers. [1]


    Property buyers need to understand that movement. Campaigns can shift.


    An early guide may be based on the evidence available at the start. A stronger sale may settle nearby. Buyer interest may be deeper or more shallow than expected. A written offer may be rejected. Market sentiment in that pocket may shift. 

    A campaign can still shift as new evidence emerges, buyer interest becomes clearer or written offers are made. For auctions and fixed-date sales covered by the new rules, however, the seller’s reserve must be published at least 7 days before the sale.


    None of that means you should blindly accept every guide. It means you need your own evidence.

    If the guide is $900,000 to $990,000, do not ask only, "Can we afford $990,000?"
    You need to do your own research to determine:

    • What similar homes have actually sold for?
    • Was the sales interest stronger or weaker than for this property?
    • How much competition is this type of property attracting right now?
    • What number still fits our budget after buying costs and ownership costs?

    The guide can tell you whether to look closer. It should not decide whether you can buy.

    Start With Comparable Sales, Not Wishful Thinking

    The comparable sales are still one of the most useful parts of the PPS, and the new PPS gives you more information to test whether those properties are genuinely comparable.


    CAV's guidance for agents says comparable properties in Melbourne must be of a similar standard or condition, sold in the last six months, and within two kilometres of the property for sale. CAV also says agents need to consider factors such as standard, condition, location and sale date when selecting the most comparable properties. [2]

    Under the new rules, agents must take into account the three properties that are most comparable to the property being sold. If only one or two qualifying comparable sales exist, those sales must still be taken into account. The PPS must also show key features of comparable properties, making it easier for buyers to test whether those comparisons really make sense


    For a property buyer, the practical question is whether those sales help you estimate what this home may sell for in the current environment. So assess the comparable properties with these questions:

    • Is the property type genuinely similar?
    • Is the land size similar?
    • Is the internal floor area genuinely comparable?
    • Is the floor plan similarly useful, beyond the bedroom count?
    • Do the bedrooms, bathrooms, car spaces and land area shown on the PPS support the comparison?
    • Is one renovated and the other tired?
    • Is one on a main road and the other in a quieter street?
    • Is one in a stronger school zone, estate, apartment complex or micro-market?
    • Is the sale recent enough to reflect the current campaign?  In a hot, or cold market, a property sold 6 months ago may not be that relevant.
    • Is one property sale in the comparable list doing too much work to justify the guide?


    A two-bedroom apartment in the same suburb may not be a useful comparable if one has a car space, better orientation, lower owners corporation fees and a more functional floor plan. A three-bedroom house may not be comparable if one sits on a much larger block, has renovation potential or is in a different school zone.


    Comparable sales need to be nearby, recent, similar and relevant.

    Build Your Own Comparable-Sales Table

    Do not stop at the three sales on the PPS provided by the Real Estate Agent. Create your own pricing table and comparable sales data for any property you are seriously considering.

    SaleWhy it Matters What to note
    PPS Comparable 1Agent's chosen evidence
    		 Similarity, sale date, condition, land, location, floor area
    PPS Comparable 2Agent's chosen evidence
    		 Whether it supports or weakens the guide
    PPS Comparable 3Agent's chosen evidence
    		 Whether it is genuinely comparable
     Your strongest comparable Your best evidence Why it is closer to the target property
    Recent auction result Live market signal Bidders, passed in or sold, price strength
    Similar active listing Competition signal Useful only as context, not proof of value
    Suburb performance check Wider market context Median movement, days on market, clearance rate, supply, asking-price trend

    The strongest comparable is often the one property buyers should spend the most time on. It may not be listed on the PPS. It may be slightly outside the radius required by CAV, sold after the PPS was prepared, or differ in one way that you can adjust for.

    Searching for Property in Melbourne Makes This Even More Important

    You can use a few tools to find your own comparable sales. Start with the sold-property filters on realestate.com.au and Domain. Search the suburb, then narrow the results by property type, bedroom count, land size where possible, sale date and price band. Save the listings that look closest, then open each one and check the photos, floor plan, address, land, parking, renovation level and sale date. [10,11]

    Property.com.au and Onthehouse can help with property history, recent sales, suburb insights and estimated value ranges. Use those estimates carefully. They can be useful prompts, but they do not know what was said at the open house, how many contracts went out, whether the building report scared people off, or whether two property buyers are about to push the auction well past the guide. [14,15]

    For auction markets, keep a simple weekend note. Write down the address, guide, result, number of bidders if you attended, whether the property passed in, and any obvious differences from the one you are considering. After three or four weekends in the same suburb, you will usually learn more than you get from a single median figure.

    Aim for five to eight serious comparables, then rank them. Closest first. Weakest last.

    Sold Prices Can Tell You More Than Asking Prices

    Active listings and their asking prices can be useful, but they can also mislead you. An advertised listing shows what the seller and agent are putting into the market. It does not show what the market is willing to pay. It may be strategic. It may be optimistic. It may be conservative. It may change during the campaign.


    Sold results are more useful because they show where property buyers actually met the market.  The lack of any sold properties in an area can indicate a cooling market.


    When you are trying to work out a realistic price, put more weight on settled sales and recent auction results than on active listing prices. Use active listings to understand competition and choice. Use sold results to understand value.


    When you review recent sales, look beyond the headline result. Ask:

    • what the property was advertised for?
    • what it sold for?
    • what was passed in?
    • how many bidders participated?
    • if the portal says the sale price was withheld, have you checked the updated PPS?
    • how the condition compared with the property you are considering?
    • whether the result changed your view of the local market?


    After a few weeks of doing this in the same suburb or property type, patterns start to appear. Some types of property consistently run beyond the guide. Some agents quote closer to the final result than others. Some streets, school zones, building types or renovation levels carry more demand than the suburb median suggests.


    The new PPS rules also create another source of sold-price evidence. Once a sale becomes unconditional, the agent must generally add the final sale price to the PPS within 7 days. The updated PPS must then remain publicly available online for at least 18 months. That means recent Property Price Statements can become a useful additional source when researching comparable sales.

    For Auctions, Check the PPS Again Seven Days Out

    One of the biggest changes for Victorian buyers is earlier reserve-price transparency. For auctions and fixed-date sales covered by the new rules, the seller’s reserve must be published at least 7 days before the sale and included in the Property Price Statement. The reserve must be shown as a single dollar amount.

    That gives you another decision point. Compare the disclosed reserve with the earlier price guide, the PPS comparables, your own comparable-sales research and your budget. If those numbers no longer line up, decide that before auction day rather than in the middle of bidding.

    Read the Campaign, Not Just the Document

    The PPS can change during the campaign, so do not download it once and assume that version remains current. Remember - the Real Estate Agent has been engaged to maximise the price for the vendor.  So when looking at property consider:

    • How busy was the first inspection?
    • Did the second inspection feel stronger or weaker?
    • Are contracts being requested?
    • Are building and pest reports being ordered?
    • Has the agent changed their language since launch?
    • Has the guide moved?
    • Has a written offer been rejected?
    • Are similar properties selling before auction?
    • Are comparable homes passing in?
    • Has the PPS itself been updated?
    • If the property is going to auction or fixed-date sale, has the reserve now been disclosed?
    • Does the disclosed reserve change your view of whether the property is genuinely within range?


    None of these signals gives you a perfect answer. Together, they help you understand whether the guide is likely to hold, whether competition is building, and whether your budget still makes sense.


    This remains particularly important at auction. The indicative selling price is not necessarily the seller’s reserve. However, for auctions and fixed-date sales covered by the new rules, the reserve must be publicly disclosed at least 7 days before the sale and included in the PPS. This gives buyers an important new piece of information before deciding whether to continue with the campaign


    You do not need to predict the exact result. You need to know your realistic range before the pressure of an auction starts.

    How to Get Suburb Performance Data

    The PPS includes the median price for the same property type in the suburb. That can be useful background, especially when 
    you are learning a new area. It tells you roughly where the suburb sits.

    But it is blunt. A suburb median can include renovated and unrenovated homes, main-road and quiet-street properties, large blocks and compact homes, older apartments and newer townhouses, school-zone and non-school-zone addresses.

    Use suburb performance data to understand the wider market around the property. Then come back to the specific home. A suburb trend can tell you whether prices have been rising, whether houses and units are behaving differently, and whether stock is moving quickly. It cannot tell you whether this exact property has a bad roof, a better floor plan, a stronger school-zone position, or three determined bidders waiting for auction day.

    Start With Official Data

    Use official data to get a historical suburb baseline before you look at portal estimates.

    Check Market Direction

    Use these tools to see whether the local market looks hot, flat or uneven.

    Cross-Check the Portals

    Use portal data to compare recent sales, property history and suburb snapshots.

    Do not try to read every number on every site. Take one suburb and write down five things: the median house or unit price, 12-month movement, days on market if available, auction clearance or recent campaign strength, and whether the data separates houses from units. That last point matters. If you are looking at an apartment, a house median will not help much. If you are looking at a renovated family home, a suburb-wide median may bury the part of the market you care about.


    Read these numbers as a rear-view mirror. They usually do not show the latest buyer interest in the campaign you are standing in today. Some data is delayed. Some relies on reported sales. Some medians jump around because only a small number of properties sold. Some suburb profiles blend homes that would never compete with each other in real life.


    Use the data to become better informed. If three sources show that comparable units in the suburb have moved strongly over the past year, look harder at recent sold results and auction behaviour. If the suburb median looks flat but renovated family homes in one pocket are still drawing deep competition, the median may be hiding the market that matters to you.


    These tools should also make your agent questions sharper. Instead of asking, "Is this in range?", you can ask, "The last three renovated three-bedroom homes I found sold between $1.18 million and $1.27 million. Why is this one guided at $1.05 million to $1.15 million?"

    What to Look at Beyond the Property Price Statement

    The PPS gives you substantially better price information than the old Statement of Information, but it still does not tell you 
    whether the property is a good purchase. Before you make a serious offer or bid, you still need to understand what you would be taking on.


    Contract and Section 32

    In Victoria, the vendor's statement, commonly called the Section 32, contains information about the property's title and other matters. CAV's buyer guide says this can include mortgages, covenants, easements, zoning and outgoings such as rates. CAV also says it does not cover every issue, including the condition of buildings or whether buildings comply with regulations. [6]


    Have a conveyancer or legal practitioner review the contract and Section 32 before you sign or bid, especially if there are easements, covenants, planning issues, owners corporation matters, unusual conditions or anything you do not understand.


    Building condition and repair cost

    CAV tells property buyers to consider engaging a qualified building inspector, surveyor or architect before signing a contract. It also warns property buyers to be cautious about inspection reports supplied by the agent or seller, because getting your own report is the only way to make sure it is independent and accurate. [4] 


    A home that sells for less but needs roof work, drainage repairs, rewiring, restumping, termite treatment or major maintenance may not be cheaper in the way it first appears.


    Renovations and permits

    If a property has been renovated or extended, CAV says property buyers should check the Section 32 and contact the local council to find out whether relevant planning or building permits were obtained. [4]


    Owners corporation risk

    For apartments, units and some townhouses, the owners corporation can change the real cost of ownership. Look at fees, insurance, maintenance history, proposed works, disputes, defects, special levies and minutes.


    Flood, fire, planning and location risk

    CAV's due diligence checklist points property buyers to issues that may affect a property, including flood and fire risk, owners corporation obligations, building permits and other restrictions. [5] 


    These checks are part of price. If a property carries more risk, repair cost or future obligation than the guide suggests, your realistic budget for that property should change.

    A Better Property Shortlist Approach

    Before you decide a property is worth pursuing, put it through four filters.

      Filter Question to ask Why it matters
    Price evidence
    Do the PPS comparables, key property features, disclosed pricing and your own sold-price research support the likely market value?
    		 Stops you relying on the advertised range alone
     Market behaviour Are recent campaigns for similar homes selling inside, near or above the guide? Helps you understand likely competition, and market sentiment.
     Property risk What do the contract, Section 32, building condition and ownership costs change? Keeps the purchase price connected to real cost
     Personal budget Does the likely market price still fit your comfortable range? Stops the campaign from rewriting your limit

    If all four filters line up, the property may deserve the next layer of work. If one filter is weak, slow down.

    If the price evidence and market behaviour both point above your range, the property may sit outside your realistic buying range even if the guide looked possible. Taking a disciplined approach to finding your new home will help to ensure that you are not being driven by emotion and unwarranted market pressure.

    NEED clarity?

    The Takeaway​.

    The Property Price Statement gives Victorian buyers more pricing information than the Statement of Information it replaced, but it is still not enough on its own.


    Use it to start your pricing work. Read the indicative price. Test the comparable properties and their key features. For an auction or fixed-date sale, check the disclosed reserve before sale day. Treat suburb performance data as context, and use recent sold results, including updated PPS records where available, to build your own view of the market. Then bring that evidence together with campaign behaviour, property condition, ownership risk and your own budget


    The goal is not to catch every agent out. The goal is to stop building your buying plan around numbers you have not checked.


    A realistic price view gives you better questions, calmer decisions and a firmer budget. It helps you know when to keep going, when to adjust your expectations, and when to walk away before the campaign takes more from you than it should

    If you are unsure whether a property is genuinely in range, reach out to Buy with Eliza. We can help you read the guide, compare the sales evidence, understand the campaign signals and decide whether the property still makes sense before emotion takes over.

    Book a Free Call

    Frequently Asked Questions

    Questions buyers are asking about their budget

    No. The PPS contains important price information, comparable sales, key property features and the suburb median, and may later contain the seller’s reserve and final sale price. It is useful evidence, but it is not an independent valuation or a complete assessment of whether you should buy the property.

    No. Consumer Affairs Victoria tells property buyers to treat advertised prices as a guide only because prices can change during a campaign. Buyers should test the guide against comparable sales, sold results, campaign signals and their own budget.

    Start with the comparable sales in the PPS, then use sold-property filters on realestate.com.au and Domain. Property.com.au and Onthehouse can help with property history, recent sales and suburb context. Rank five to eight serious comparables by similarity.

    Useful checks include official suburb medians, 12-month movement, days on market if available, clearance rates, supply, and asking-price trends. Sources can include Valuer-General Victoria, Data Vic, REIV, portal suburb profiles, Cotality Mapping the Market and SQM Research.

    Usually not. Many datasets are backward-looking, delayed, reported at suburb level, or based on partial information. They help property buyers ask better questions, but current comparable sales and campaign behaviour matter more for a specific property.

    No. A sale above the guide does not automatically prove underquoting. Competition, new comparable sales, campaign feedback and the seller reserve can all affect the result. Keep records if a campaign seems misleading, but build your buying strategy around evidence.

    Check it throughout the campaign and again during the final week. For auctions and fixed-date sales covered 
    by the new rules, the seller’s reserve must be published at least 7 days before the sale and included in the 
    PPS.

    Yes. Once a residential sale becomes unconditional, the final sale price must generally be added to the PPS 
    within 7 days, and the PPS must remain available online for at least 18 months. That makes recent PPS records another useful source of comparable-sale evidence.

    sources

    Reference material used in this article

    1. Understanding property prices and underquoting for buyers, Consumer Affairs Victoria, accessed 3 June 2026.
    2. Underquoting information for real estate agents, Consumer Affairs Victoria, accessed 3 June 2026.
    3. Property data, Consumer Affairs Victoria, accessed 3 June 2026.
    4. Inspect properties before you buy, Consumer Affairs Victoria, accessed 3 June 2026.
    5. Due diligence checklist for home and residential property buyers, Consumer Affairs Victoria, accessed 3 June 2026.
    6. Real estate: a guide for buyers and sellers, Consumer Affairs Victoria, accessed 3 June 2026.
    7. Valuer-General Victoria property sales statistics, Land.Vic / Valuer-General Victoria, accessed 4 June 2026.
    8. Victorian Property Sales Report datasets, Data Vic, accessed 4 June 2026.
    9. Victorian Insights, REIV, accessed 4 June 2026.
    10. Suburb profiles, realestate.com.au, accessed 4 June 2026.
    11. Domain suburb profiles, Domain, accessed 4 June 2026.
    12. Mapping the Market, Cotality, accessed 4 June 2026.
    13. SQM Research asking property prices, SQM Research, accessed 4 June 2026.
    14. Onthehouse, Onthehouse / Cotality, accessed 4 June 2026.
    15. property.com.au, REA Group, accessed 4 June 2026.

    Eliza Wong

    Eliza Wong

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