Agents must prepare a Statement of Information, in an approved form, for each residential property they are engaged to sell, regardless of whether the property is advertised for sale.
The Statement of Information must be:
- displayed at all open for inspections
- included with online advertising
- given to a prospective buyer within two business days of a request
- updated if there is a change in the indicative selling price.
The Statement of Information must include:
- an indicative selling price for the property. This may be a single price or a price range of up to 10 per cent. It must not be less than:
- the agent’s estimated selling price
- the seller's asking price
- a price in a written offer that has already been rejected by the seller.
- details of the three most comparable properties, including the address, date of sale, and sale price; or - if the agent did not take into account three comparable properties when setting the estimated selling price - a statement outlining that they reasonably believe there are fewer than three comparable sales within the prescribed period
- the median house or unit price for the suburb. This may be for a period of between three and 12 months, and must not be more than six months old.
An agent selling vacant land with approval or plans to build a house or unit must complete the Statement of Information in the normal way and, if the land has approval for a house, use the suburb median price for a house; if it has approval for a unit, they must use the unit median price.
There is more information for agents - including what to do if there is no published median price for a suburb and they are unable to calculate a median price – on our Underquoting fact sheet (Word, 247 KB).
Download the five Statement of Information forms here:
Estimated selling price
An agent's estimated selling price must:
- be reasonable, and
- take into account the sale prices of the three properties they consider most comparable to the property for sale.
The estimated selling price must be included in the sales authority, in the approved form, and may be a:
- single price - for example, $500,000, or
- range of up to 10 per cent - for example, $500,000 to $550,000.
Download our Approved form for use in agency authority - estimated selling price (Word, 73 KB).
If an estimated selling price changes because it ceases to be reasonable, the agent must:
- inform the seller in writing
- update the sales authority, and
- update the sales advertising.
To be comparable, a property must be:
- of a similar standard or condition to the property for sale
- sold in the last six months and be within two kilometres of the property for sale (if the property for sale is in the Melbourne metropolitan area)
- sold in the last 18 months and be within five kilometres of the property for sale (if the property for sale is outside the Melbourne metropolitan area).
Download our Determination of Melbourne metropolitan area (Word, 101KB) or Determination of Melbourne metropolitan area (PDF, 29KB).
When selecting the most comparable properties, the agent must take into account:
Agents must use all data and information they have about recently sold properties, including the details of undisclosed property sales, to select the three most comparable property sales.
Agents cannot avoid their obligations to select and provide the three most comparable property sales in a Statement of Information by entering into or relying on any confidentiality agreement (verbal or written) with a seller or buyer that restricts them from using or disclosing information about the sale of a property.
Agents are not required to take comparable property sales into account when determining the estimated selling price, if they reasonably believe that there are fewer than three comparable sales within the prescribed period outlined above.
Find 3 Comparable sold properties by clicking the link below and searching the recently sold properties in your suburb:
Find the 'Median' sale price for your suburb by clicking this link and entering your suburb: