A Positive Shift for Buyers? The REIV Blueprint

The Real Estate Institute of Victoria (REIV) has released its Blueprint for Residential Real Estate which is a submission proposing practical reforms to improve confidence for both buyers and sellers.

What we appreciate about the Blueprint is its balance.

Rather than introducing blanket mandates like early reserve price disclosure (which was announced by the government last year and proposed to take effect early this year), the REIV’s blueprint better reflects how the market actually functions while still addressing key issues buyers regularly face.

There’s a few key changes we strongly support..
1. Timely and Complete Sale Price Disclosure

One of the biggest frustrations for buyers is the lack of timely market information.

The REIV recommends:
- Sale prices be disclosed promptly once a contract becomes unconditional

This would provide more accurate market data for buyers and reduce unnecessary uncertainty around current and comparable property values.

2. Stronger Comparable Sales in Statements of Information (SoI)

Price estimates are only useful when they’re backed by real evidence.

The Blueprint proposes:
- SoIs must include at least one and up to six comparable sales
- Each comparable should be clearly supported with appropriate context

This is a meaningful step toward ensuring price guides are both realistic and accountable.

3. Reducing the Cost of Buyer Due Diligence

Pre-purchase checks are essential but they can also become expensive, especially when buyers miss out on multiple properties.

The REIV recommends:
- Building and Pest Inspection Reports be included in the Vendor’s Statement (Section 32)

This would reduce duplication, lower buyer costs, and encourage more informed decision-making.

4. Earlier Access to Key Property Documentation

Another common frustration is delayed access to information that should be available upfront.

The Blueprint recommends:
- Section 32 documentation must be available from the commencement of marketing

This allows buyers to conduct proper due diligence early, rather than rushing late in the campaign.

At Prop Culture, we support reforms that improve transparency and fairness, not through heavy-handed rules, but through practical changes that empower buyers and sellers alike.

The Melbourne market remains resilient, and while rate changes will always make headlines and heated watercooler discussion, the real progress comes from improving the quality of the buying and selling experience.

The REIV Blueprint is a step in the right direction.

If you’d like to discuss what these changes could mean for your next move, we’re always here to help.

Until next time,