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Overview:
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Improving transparency across Victoria's property market
A reserve price is the lowest amount a seller will accept for their property at auction. Traditionally, this figure remained confidential until the morning of the auction, often leaving buyers unsure whether their desired property was within reach.
From 1 October 2026, the reserve price must be disclosed at least 7 days before the auction or fixed date sale. This requirement also applies to Expressions of Interest (EOI) campaigns where offers are considered by a specified closing date.
Disclosing the reserve price early helps buyers understand the seller's expectations ahead of time — allowing them to make an informed decision whether the property is worth pursuing.
The new rule is designed to prevent underquoting and improve transparency across the industry. The auction process itself is largely unchanged. Ultimately, the changes aim to make Victoria's auction process fairer, clearer and easier for everyone involved.
At Miles, we welcome these changes and the greater transparency they bring, providing both sellers and buyers with a more positive property journey.
What do the changes mean for sellers?
If you're considering selling, the new legislation presents an opportunity to create greater buyer engagement and confidence before auction day.
- Attracting genuine buyers - When buyers have a clearer understanding of the seller's expectations, they are more likely to engage with the campaign and attend the auction prepared to compete.
- Reducing uncertainty - Setting a reserve price earlier in the campaign encourages sellers to consider market conditions and buyer feedback well before auction day.
- Building trust - Transparent communication allows for a more positive experience for buyers while improving confidence in the auction process.
Can a property sell above the reserve price? Strong buyer competition can still drive the final sale price higher.
What do the changes mean for buyers?
If you're planning to buy a property, the changes are designed to provide you with greater certainty and transparency. Having a clearer understanding of the seller's expectations can help you make informed decisions with confidence.
- Know your budget - Review reserve price disclosures as they become available and determine your maximum budget before auction day.
- Be financially prepared - Speak with your lender or broker early to understand your borrowing capacity and ensure your finance is in place before the auction.
- Build your confidence - Attend local auctions to familiarise yourself with the process and seek professional advice if you're unsure how the new rules may affect your buying journey.
Helping buyers and sellers navigate the new auction rules
Whether you're buying your first home or preparing to sell, changes to property legislation can feel overwhelming. With new reserve price disclosure requirements now in place, understanding how the changes may affect your plans is more important than ever.
At Miles, we're committed to helping sellers and buyers navigate the evolving property landscape with ease. Our experienced team can explain what the new rules mean for your individual circumstances and help you make informed decisions every step of the way.
