Victorian sellers embrace new rule to publish reserve prices before auctions

Ahead of a statewide requirement that will take effect on October 16, a handful of Melbourne homeowners have voluntarily advertised their reserve prices before auction. Graeme Pollock, whose daughter struggled to buy a home, listed a $700,000 reserve for his Gladstone Park investment, resulting in a final price of $801,000. Similar early disclosures in Watsonia and Rowville produced sales at or above reserve, with agents noting that transparency filtered out non-committed bidders.

Veteran agent John Keating, who has long advocated for reserve publication, argues the change will not distort market values. The Real Estate Institute of Victoria supports the transparency aim but cautions that some vendors may opt for private sales to retain pricing flexibility. Overall, the new rule seeks to eliminate underquoting and make the auction process clearer for buyers and sellers alike.