As discussed by Matt (Host) and Diana Bevacqua (Guest) on the Keys To Your Abode Podcast
Navigating the property market can be daunting, especially for first-time buyers. One document that often causes confusion—but is absolutely critical to understand—is the Statement of Information (SOI). In Episodes 9 (Parts 1 & 2) of the Keys To Your Abode podcast, host Matt is joined by special guest Diana Bevacqua, a highly experienced and respected agent, to unpack exactly what buyers need to know about the SOI.
What is the Statement of Information?
The Statement of Information is a legal requirement in Victoria for all residential properties being sold. It’s designed to bring transparency to the process by giving potential buyers a clear idea of the price expectations before they make an offer.
What’s Included in the SOI?
Diana explains that every SOI must include:
- An indicative selling price – This could be a single figure or a price range. It should reflect what the agent and vendor reasonably expect the property to sell for.
- Three recent comparable sales – These should be genuine comparables, ideally from the same suburb and within the last six months.
- The suburb’s median price – This provides a sense of the wider local market, based on whether it’s a house or a unit.
Why It Matters
Matt and Diana explore why understanding the SOI is such a crucial step for buyers:
- Clarity & Confidence: The SOI helps level the playing field, particularly for buyers who may not be familiar with local values.
- Pricing Insight: The comparable sales data can be a strong reference point—if chosen accurately.
- Empowerment: Buyers can avoid overpaying and be better equipped to negotiate confidently.
Common Buyer Misunderstandings
Diana shares that many buyers wrongly assume:
- The SOI is the actual price – It’s not. The final sale price can go above or below the indicative range.
- The comparable sales are always relevant – In reality, some comparables may not be truly aligned in quality, land size, or location. Buyers should always look closer.
Tips from Diana and Matt
- Always verify the comparables: Visit them if you can, or at least view their photos and floorplans online.
- Cross-check with other sales: Don’t rely only on what’s provided in the SOI.
- Ask questions: A good agent should be able to explain how the comparables were chosen.
- Consider using a buyer’s advocate: As Matt suggests, having professional guidance can remove stress and improve outcomes.
The Statement of Information isn’t just a formality—it’s a tool buyers can use to make better, more informed decisions. As Matt and Diana explain in the podcast, the more you understand it, the more empowered you’ll be in your property journey.
Listen to the full conversation on the Keys To Your Abode Podcast:
