Buyer’s Guide to Sale by SET DATE®
Everything you need to know about purchasing a home through Barry Plant’s exclusive fixed-date process.
What is a Sale by SET DATE®?
Sale by SET DATE® is a structured selling method where interested buyers are invited to submit their best written offer during a defined marketing campaign (typically 3 to 4 weeks).
The property is advertised with a clear Set Date and closing time, giving buyers a defined timeframe to inspect the home, complete due diligence (such as building inspections or legal contract reviews), and prepare an offer.
Because all written offers are submitted privately to the vendor, you do not have to bid in an open public forum. Instead, you are encouraged to submit the price and terms that reflect what the property is worth to you.
Good luck with buying a property and if you have any queries at any stage about the Sale by SET DATE® process, please talk to your Barry Plant agent.
HOW TO BUY A SALE BY SET DATE® PROPERTY
OPTION ONE: Submit a Formal Written Offer
OPTION TWO: Register Your Interest
UNDERSTANDING THE PUBLISHED RESERVE PRICE
Under Consumer Affairs Victoria (CAV) regulations, Sale by SET DATE® is legally classified as a fixed-date sale. To ensure complete buyer transparency, the following statutory rules apply:
Written Single-Figure Reserve: At least 7 full consecutive days before the advertised Set Date, the vendor will confirm their Reserve Price in writing as a single dollar amount (displayed without qualifiers such as + or offers over).
Property Price Statement (PPS) Updates: This Reserve Price will be updated on the Property Price Statement (PPS) and across all advertising materials at least 7 days prior to the campaign closing date.
Seller Flexibility: The published Reserve Price provides clear guidance on vendor expectations as the closing date approaches. However, the vendor is not legally required to accept an offer simply because it reaches or exceeds the published reserve prior to the Set Date, and may choose to let the campaign run its full course.
WHAT HAPPENS AFTER THE PROPERTY IS SOLD?
Once an offer is accepted and the sale becomes unconditional:
7-Day Price Publication: In compliance with Victorian legislation, the final unconditional sold price will be updated on the Property Price Statement (PPS) within 7 days of sale completion.
18-Month Market Record: The sold price remains publicly available online for 18 months, providing future buyers and sellers with verified, transparent market data (unless a formal safety exemption has been granted by Consumer Affairs Victoria).