Overview
- Agents will be required to publish a property's reserve at least seven days before an auction or fixed‑date sale, with auctions and sales barred if no reserve is disclosed in time.
- All advertising must be updated to reflect the published reserve, ending last‑minute changes that have left buyers pursuing homes they cannot afford.
- The Allan government will consult before introducing legislation next year, building on recently tightened comparable‑sales rules and a permanent underquoting taskforce.
- Consumer Affairs Victoria reports more than 200 infringements and over $2.3 million in fines to date as part of stepped‑up enforcement.
- The Real Estate Institute of Victoria and several major agencies warn the plan could disadvantage sellers, while the opposition and Greens argue transparency will not solve housing affordability; The Age’s Bidding Blind analysis found 52% of sales exceeded the top advertised guide.