Politics · Australia · 5 hrs ago
Victoria requires auction reserves to be public a week before sales
Victoria has introduced new rules for property auctions that took effect at the start of October.
Agents must publish a property's reserve price at least a week before its auction and keep the sale price public for at least 18 months.
The rules aim to curb underquoting, when a property is advertised below its expected sale price to attract buyers who may not be able to afford it.
Supporters say clearer prices could stop people wasting time and money on homes beyond their budget.
Some property experts and agents oppose the one-week deadline, arguing sellers may not yet know what buyers will pay and that it could encourage prices to be set too high.
There is also confusion over whether reserves can be changed after they are set, and the government had not clarified the issue in response to a request.
The laws are being watched across Australia, but the sources give no further steps or changes planned.
Victoria’s new laws require agents to publish a property’s auction reserve at least a week before the sale.
The laws took effect at the start of October 2026 and aim to reduce underquoting.
Agents must also publish the sale price for at least 18 months after a sale.
The Real Estate Institute of Victoria and property experts say the reserve rule could create problems for sellers, buyers and agents.
- Who
- Victorian real estate agents must follow the new rules.
- What
- Agents must publish auction reserves at least a week before sales and sale prices for at least 18 months afterward.
- When
- The laws took effect at the start of October 2026.
- Where
- Victoria, Australia.
- Why
- The rules aim to reduce underquoting and stop buyers wasting time pursuing properties they cannot afford.
Victorian government
Real Estate Institute of Victoria
Purpose
Victorian government
The laws aim to reduce underquoting and wasted effort by buyers.
Real Estate Institute of Victoria
The institute agrees underquoting is a problem but opposes the details of the laws.
Reserve timing
Victorian government
Agents must publish the reserve at least a week before the auction.
Real Estate Institute of Victoria
The institute says buyers should receive guidance on a likely price range, not a precise figure.
Effects
Victorian government
Not stated.
Real Estate Institute of Victoria
The institute says the rule could encourage overquoting and limit sellers’ ability to manage the sale of their property.
This story does not have a timeline yet.
- Reserve deadline
- At least 7 days before an auction
- Sale-price publication
- At least 18 months after the sale
- Effective date
- Start of October 2026
- Minister
- Paul Edbrooke, Victorian Minister for Consumer Affairs
- Industry representative
- Toby Balazs, Real Estate Institute of Victoria chief executive
What people are saying
Victorians are sick of wasting their weekends chasing homes they were never going to get
We just don't think this is the way to do it.
Declaring [the reserve] on the morning of, or before the auction commences, is a much better solution than having to declare a week out
The minister said you can change it, and the cabinet said you can't