Victorians can now see a home’s reserve price before auction. What does this mean for buyers and sellers?

State’s new transparency laws aim to make property sales fairer in what could be a test case for the rest of the country * Get our breaking news email, free app or daily news podcast Within days of Victoria requiring sellers to reveal their reserve prices before an auction, property agents started testing workarounds. Market participants say there is already a pivot toward open-ended expressions of interest campaigns that allow sellers to keep their reserve price hidden. There is also a noticeable shift away from auctions to private sales. Publish the reserve – the lowest price a seller is willing to accept – at least one week before an auction or fixed-date sale. (If the sale process is open-ended, a reserve doesn’t need to be made public.) Provide prospective buyers with additional market context, including nearby comparable sales. Publish property sale prices after a transaction is completed. Continue reading...