Victoria forces auction reserves public as new law takes effect
From today, Victorian agents must advertise auction reserves at least seven days before each sale.
Victoria's transparency law takes effect on October 16. Real estate agents must publish minimum acceptable prices before auction day.
The rule targets underquoting, quoting lower prices to lure more bidders. Vendors who tested the approach early report strong results.
Graeme Pollock listed his Gladstone Park reserve at $700,000 and sold for $801,000 with four active bidders. A Watsonia vendor listed a $1 million reserve and saw the opening bid match it, final price $1,090,000.
Agent Daniel Cobern, who pioneered the method before the law, says clarity helps both sides. Buyers know the real target.
Sellers attract serious contenders, not time-wasters. Some worry sellers will shift to private sales instead.
But early adopters report the opposite: transparency builds confidence and brings better results.
- $801,000
- Pollock's sale price
- $700,000
- Reserve advertised
- 4
- Bidders attracted
- October 16
- Law effective date
Why it mattersBuyers avoid wasting inspection money on auctions they cannot win. Sellers get honest bidding.
AustraliaVictoria shifts toward fairer auctions with informed buyers and honest pricing. Other states may follow.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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