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ictoria’s government has introduced the country’s first mandatory disclosure of reserve prices for properties going to auction or fixed‑date sale. Agents must publish the minimum price a seller will accept at least seven days before the sale. Failure to comply will bar the property from auction or sale, with the new rules set to take effect next year.

    The move follows a 2022 taskforce that tackled underquoting—advertising a property below its estimated or asking price. Despite being illegal, underquoting remains widespread; the taskforce has received more than 5,000 complaints. Homebuyers report attending auctions for properties that were advertised within a realistic price range but ultimately proved unaffordable, describing the experience as “demoralising” and “exhausting.”

    Victorian Minister for Consumer Affairs Nick Staikos called the legislation a “big step forward,” arguing that it protects young Victorians and families from wasting time on unattainable properties. He said the new rules would bring greater transparency and fairness to major financial decisions.

    Opposition Leader Jess Wilson, however, warned that the changes would not improve affordability. “Knowing the reserve price a week in advance does nothing to make a home affordable; it simply shows how out of reach it is,” she said. The Greens, who had proposed similar reforms in August, welcomed the move but urged that agents disclose reserve prices as soon as a property is listed. Gabrielle de Vietri noted that while early disclosure helps, it does not change the fact that most young buyers cannot afford the reserve. She criticised the government for exacerbating the housing crisis by demolishing public housing and driving prices up without an affordability plan.

    Toby Balazs, chief executive of the Real Estate Institute of Victoria, called the new laws an over‑correction that unfairly penalises vendors. He argued that price transparency can be achieved without compromising sellers’ rights to maximise profits.

    The legislation follows a series of measures: increased penalties for underquoting, a permanent taskforce, and stricter advertising guidelines. The aim is to curb deceptive pricing practices and give buyers clearer information before they commit to a purchase.