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Overview:
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Supporting a more transparent property market
Planning to buy or sell a property in Victoria? A new requirement called the Property Price Statement (PPS) came into effect on 1 October 2026. Designed to improve price transparency, the PPS gives buyers clearer information about a property's expected selling price — giving them greater confidence when searching for a property.
Replacing the Statement of Information (SOI), the new requirements aim to provide more consistent and meaningful pricing information, making it easier for buyers to understand where a property sits within their budget.
At Miles, we welcome changes that create a fairer and more transparent property market. By providing clearer pricing information from the start, the PPS helps sellers and buyers navigate the sales process with greater confidence and clarity.
Why is PPS better than SOI?
Here are some of the key improvements:
Pricing information will be easier to find
The PPS must be clearly displayed or linked from the main online property listing, making it easier for buyers to access important pricing information.
Additional information for easy property comparison
Buyers can expect to see more details about the home, including the number of bedrooms and bathrooms, as well as the property's size. This helps buyers compare properties more easily and understand where a home is placed within a similar price range.
Comparable sales will be more relevant
The properties used to support the estimated selling price must be more closely matched to the home being sold. This helps provide buyers with pricing information that better reflects the local market.
Reserve prices will be reflected closer to auction day
For auction and fixed-date sale campaigns, the PPS will be updated to reflect the seller's written reserve price at least 7 days before the scheduled sale date — givng buyers the opportunity to plan ahead.
How does the PPS benefit sellers?
- Attracting the right buyers - A clearly documented price expectation helps attract buyers who are genuinely interested and financially prepared to purchase the property.
- Highlighting the value of your property - Including detailed property information such as the number of bedrooms and land size highlights features that make your property unique.
- Creating a smoother sales experience - Greater transparency also reduces misunderstandings during the campaign and create a smoother experience for everyone involved.
How does the PPS benefit buyers?
- Simpler property search - Clearer pricing information helps buyers focus on properties that are within their budget.
- Greater confidence in the price guide - Clearer pricing information tells buyers that the advertised price is aligned with current market expectations.
- Making informed decisions more confidently - Greater transparency around pricing enables buyers to make informed decisions more confidently.
Expert guidance for sellers and buyers
The PPS brings important changes to the way property pricing is presented in Victoria. From helping sellers prepare their property for market to helping buyers navigate pricing information with confidence, our team provides expert guidance and market insights to help you achieve your property goals.
