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The Guardian - AU
The Guardian - AU
Business
Adeshola Ore

Victoria to force agents to publish property reserve prices in crackdown on underquoting

Victoria Guardian Australia
A woman inspects listings at a real estate agency in Melbourne.
New guidelines on underquoting aim to ensure agents use the most appropriate comparable local properties when determining a home’s likely price before auction. Photograph: William West/AFP/Getty Images

Real estate agents in Victoria will be legally required to reveal a property’s reserve price a week before auction, under nation-first laws to crack down on underquoting.

The Allan government on Thursday announced that agents must publish the owner’s reserve price at least seven days before auction day or a fixed-date sale, under the reforms to be introduced to parliament next year.

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