If you’ve ever tried to buy a home at auction, you know how frustrating it can be to show up thinking you can afford a particular property, only for it to sell for far more than the advertised price.
Now, the Victorian government wants to make this experience a thing of the past. Under new laws to be introduced into state parliament next year, real estate agents will have to publish a seller’s reserve price at least seven days before a property goes to auction.
Currently, Victorian auction rules allow agents to provide a price guide, but do not mandate disclosure of the seller’s reserve price before the auction.
