Property price rules are changing in Victoria. Here’s what you need to know

Home sellers in Victoria will have to publish a reserve price at least a week out before their auction day from October 1 in an Australian-first move aimed at stamping out underquoting. It’s one of a handful of property price rule changes being rolled out by the Victorian government from October 1 to try to give home buyers more information sooner. While the price disclosure laws will officially commence on October 1, a 14-day transition buffer will apply to active real estate campaigns for auctions and fixed-date sales.The controversial rule changes come at an already challenging time for home sellers in the state, with home prices down 4.3% in Melbourne compared to a year ago, according to the latest realestate.com.au Home Price Index. While the state’s peak real estate body, the Real Estate Institute of Victoria (REIV), has supported some moves to improve property price transparency, it has strongly advocated against the mandatory publication of auction reserves seven days in advance. REIV chief executive Toby Balazs said the priority was to ensure the sector was well prepared and that consumers understand what the changes mean. “The property market is already navigating a chall...