One in eight Victorian home sellers disclose auction reserves early

There is Melbourne auction market confusion a week out from new auction rules being in force. One in eight Victorian homes testing the auction market this weekend will be doing so with their reserve price disclosed, a week before they are required to. Agents behind the listings have revealed in many cases they were responding to homebuyer confusion, after receiving phone calls asking why reserves hadn’t been disclosed under the new laws — but unaware there was an exemption until October 15 for sellers who had listed their home prior to October 1. It comes amid early signs Melbourne’s clearance rate is hitting a new slump with barely half of sellers locking in a sale via auction in the past fortnight, despite an early spring rebound that had 55 per cent getting a deal done in the first half of September. RELATED: Vic land tax scheme $1bn short of plans Melbourne house prices tumble to 2021 levels after $63,500 wipeout New Victorian auction and set-date laws, what sellers need to know Auction numbers are also highly suppressed, with the 684 slated for Melbourne this week down from about 1180 a year ago. The 72 homes with reserves disclosed, collated from realestate.com.au listings la...