One of the challenges of advising agencies across multiple states is navigating the patchwork of regulations that govern Australian real estate. What’s required in Victoria might be optional in NSW. What’s prohibited in Queensland might be standard practice elsewhere.

These regulatory differences have profound implications for technology adoption. PropTech tools built for one state may need significant modification to work in another. Here’s what agents need to understand about the NSW-Victoria divide specifically.

The Statement of Information Requirement

Victoria’s Statement of Information requirement is the most significant regulatory difference affecting listing technology.

Since 2017, Victorian agents must provide buyers with a Statement of Information before any inspection. This document must include:

• The indicative selling price (single price, price range, or “offers above” with minimum)
• Three comparable property sales
• The median house/unit price for the suburb

This requirement has spawned an entire category of PropTech tools designed to generate compliant Statements of Information. CoreLogic, PriceFinder, and several specialist platforms offer Victorian-specific features. The REIV provides detailed guidance on Statement of Information requirements.

The technology implications:

CRM integration: Victorian agencies need their CRMs to generate compliant Statements automatically, pulling comparable sales data and formatting documents correctly.

Pricing discipline: The Statement of Information requirement makes underquoting harder to conceal. Technology that helps agents select defensible comparables and price ranges is valuable.

Compliance tracking: Agencies need audit trails showing Statements were provided before inspections. Digital delivery with timestamp records is becoming standard.

NSW has no equivalent requirement. Agents can discuss pricing more flexibly without documented comparables. This creates different technology needs—less compliance tooling, more flexibility in how pricing information is presented.

Contract and Cooling-Off Differences

NSW and Victoria handle contract formation differently, with technology implications for transaction management.

NSW cooling-off: 5 business days for residential property, with 0.25% deposit penalty if buyer withdraws. Can be waived with solicitor’s certificate (66W certificate).

Victorian cooling-off: 3 business days, with similar waiver provisions but different documentation requirements.

Auction differences: No cooling-off after auction in either state, but Victoria’s auction conduct rules are stricter, with specific requirements around bidder registration, reserve disclosure, and vendor bidding.

Technology platforms handling transaction management need state-specific configuration:

• Different cooling-off period calculations
• State-specific document templates
• Auction bidder registration that meets Victorian requirements
• Integration with state-specific conveyancing processes

Agencies operating in both states often find that national PropTech platforms require significant customisation, while state-specific tools fit better but limit interstate expansion.

VPA and Marketing Regulations

Vendor paid advertising operates under different frameworks across states.

NSW: Relatively flexible. Agents must have written authority for marketing spend, but the form and process has fewer prescriptive requirements.

Victoria: More detailed requirements around marketing authority documentation. Agents must provide itemised marketing breakdowns and receipts.

Technology implications:

Campaign budgeting tools: Victorian requirements mean agencies need robust VPA tracking systems that generate compliant reporting.

Receipt management: Digital storage and retrieval of marketing invoices is more critical in Victoria where documentation requirements are stricter.

Authority templates: CRM systems need state-specific marketing authority templates that meet local Fair Trading/Consumer Affairs requirements.

Trust Account and Deposit Handling

Both states regulate trust accounts, but Victorian requirements for deposit handling include additional technology considerations.

Victoria requires deposits to be banked within specific timeframes with detailed record-keeping. The audit trail requirements push agencies toward digital deposit receipt and trust account management.

NSW trust account rules are similarly strict but with some differences in timing requirements and audit processes.

PropTech platforms handling financial transactions need:

• State-specific deposit receipt generation
• Trust account reconciliation meeting different audit requirements
• Integration with accounting platforms that understand state variations

Strata and Title Considerations

Strata regulations differ significantly between states, affecting how property information is presented and transactions are managed.

NSW strata: Governed by the Strata Schemes Management Act 2015, with specific requirements around strata report disclosure and lot entitlements.

Victorian owners corporations: Different terminology (owners corporation vs strata) and regulatory framework under the Owners Corporations Act 2006.

Technology serving apartment and townhouse markets needs:

• Correct terminology for each state
• Integration with state-specific strata search providers
• Understanding of different disclosure requirements

Settlement processes also differ, with Victoria’s electronic conveyancing (PEXA) adoption more advanced than NSW in some aspects.

Practical Recommendations

For agencies operating in NSW:

1. Prioritise flexibility: NSW’s less prescriptive requirements mean you can adopt national platforms without heavy customisation.

2. Watch for Victorian features: Many platforms are built around Victorian compliance requirements. Ensure you’re not paying for features you don’t need.

3. Prepare for change: NSW is often slower to regulate but eventually follows Victorian precedents. Technology that can adapt to stricter requirements provides future-proofing.

For agencies operating in Victoria:

1. Compliance-first selection: Choose platforms explicitly designed for Victorian requirements, particularly around Statement of Information and auction conduct.

2. Audit trail focus: Every customer touchpoint should generate defensible records. Digital beats paper for compliance evidence.

3. Training on regulations: Technology only helps if staff understand why certain features exist. Compliance training alongside tech training is essential.

For agencies operating in both states:

1. State-specific workflows: Configure your CRM and transaction management to route agents through appropriate processes based on property location.

2. Document templates: Maintain separate template libraries for each state rather than trying to create hybrid documents.

3. Specialist support: Consider state-specific consultants for compliance questions rather than assuming national platforms handle everything correctly.

Looking Ahead

Regulatory harmonisation across Australian states is a perennial discussion that never quite happens. The practical reality is that NSW and Victoria will maintain distinct regulatory frameworks for the foreseeable future.

PropTech vendors are increasingly building state-specific modules rather than one-size-fits-all solutions. This is good news for compliance but can complicate purchasing decisions for multi-state operations.

The best approach is understanding your state’s specific requirements deeply, choosing technology that meets those requirements well, and building processes that maintain compliance as regulations evolve.

Real estate regulation only trends toward more requirements, never fewer. Technology that handles today’s compliance needs while adapting to tomorrow’s additions is worth the investment.

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Linda Powers consults with real estate agencies across NSW and Victoria on technology adoption and compliance. Her 25 years in Sydney real estate included navigating multiple regulatory changes affecting agency operations.