Victorian home auctions slated to slump in spring

The Victorian government proposed changes to the state’s reserve price disclosure laws for auctions, due to come into effect in October, under ex-Premier Jacinta Allan. Right picture: NewsWire/ David Crosling. Victorian homebuyers are set to face a challenging spring market as sellers pull back from auctions, despite early signs of an improving clearance rate. Experts have pointed to vendor getting cold feet due to incoming laws requiring homeowners to publish a reserve price at least seven days before an auction from October 1, plus hesitancy around interest rates and the November 28 state election. According to realestate.com.au, 570 Victorian homes are slated to go under the hammer this week, almost a quarter less than compared to 12 months earlier. RELATED: Property sector puts Ben Carroll on notice over Allan’s ‘damaging’ reforms Bentleigh East owner turns $20k into $122,500 auction profit Rundown Norlane corner block sells more than $60K below guide as buyers seek bargains This is despite the state recording a 51.5 per cent clearance rate last week, the highest since May when the Albanese government announced major changes to negative gearing and capital gains tax. REA Group ...