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All guidesWhat underquoting means
Underquoting is advertising or quoting a price that is less than the seller's asking price, the agent's current estimate, or a price already rejected. It is unlawful in Victoria, and the rules exist to stop buyers wasting time and money chasing homes that were never in their range.
The Statement of Information
For residential sales in Victoria, agents must provide a Statement of Information that shows an indicative selling price (a single figure or a range of up to 10%), three recent comparable sales, and the suburb's median price. It is designed to give buyers honest, evidence-based context for the guide.
How to read a price guide
Treat the guide as the starting point, not the ceiling — in strong demand a home can sell above its guide. Use the comparable sales in the Statement of Information to form your own view, and tell the agent your genuine budget so they can keep you informed.
This guide is general information for South East Melbourne, not legal or financial advice. Costs and rules vary and can change — confirm specifics with your agent, conveyancer or the relevant Victorian authority.
