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:
The Statement of Information must include:
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:
Download the:
An agent's estimated selling price must:
The estimated selling price must be included in the sales authority, in the approved form, and may be a:
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:
To be comparable, a property must be:
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:
https://www.realestate.com.au/sold/
Find the 'Median' sale price for your suburb by clicking this link and entering your suburb: