The Statement of Information is one of the most useful documents Victorian buyers can read before inspecting or offering on a residential property. It does not tell you exactly what the home will sell for, but it does show how the advertised price has been framed.

Consumer Affairs Victoria says agents must prepare a Statement of Information for each residential property they are engaged to sell. It must be displayed at open for inspections, included with online advertising, provided within two business days of a request and updated if the indicative selling price changes.

The first item to read is the indicative selling price. This may be a single price or a price range. If it is a range, the difference between the lower and upper limits must not exceed 10 percent. Buyers should treat this as the campaign guide, not as a promise that the property will sell within the range.

Next, look at the comparable properties. The Statement of Information should include details of the three most comparable properties considered, including address, date of sale and sale price, or explain why fewer than three were used. Buyers should ask whether those properties are genuinely similar.

Comparable sales need judgement. Are they in the same suburb or a nearby market? Are they similar in land size, building condition, bedroom count, parking, orientation, renovation level and school zone? A sale that looks comparable on paper may be less useful once the details are checked.

The suburb median is another reference point. It gives broader context, but it can be blunt. A suburb median may combine renovated and unrenovated homes, large and small blocks, busy roads and premium streets. It should not replace property-specific evidence.

Buyers should also watch for campaign changes. If a higher written offer is rejected or new evidence affects the likely selling price, the advertised price and Statement of Information may need updating. A stale guide can lead buyers to waste time.

The best use of the Statement of Information is as a starting point for questions. Why were these comparables chosen? What else has sold nearby? How does this property differ? What does my own evidence suggest? Buyers who read the document critically are less likely to rely on the guide alone.

This article is general information only and doesn’t take your personal circumstances into account. It is not financial or legal advice. Before acting, consider seeking advice from a qualified professional such as a licensed broker, conveyancer or solicitor.