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Show Notes:
Victoria's auction rules are about to change significantly, with vendors required to publicly disclose their reserve price at least seven days before an auction or fixed-date sale.
But the published reserve doesn't necessarily mean what buyers might assume.
In this episode, Tristan breaks down the new rules, including why a vendor can potentially sell below their published reserve once an auction has started and why they aren't necessarily forced to sell simply because bidding exceeds it.
We also explain the potential trap for buyers bidding below reserve hoping for a pass-in, how pre-auction offers will work, changes to fixed-date sales and why buyers still need to form their own opinion on what a property is actually worth.
What You'll Learn:
When Victoria's new auction reserve rules take effect
How the seven-day reserve disclosure requirement works
Why a vendor can potentially sell below the published reserve at auction
Why bidding above the reserve doesn't necessarily force a sale
The risk of bidding below reserve hoping to negotiate conditions after a pass-in
Why a published reserve is not the same as property value
How pre-auction offers will work
How boardroom auctions and fixed-date sales are affected
Why best-and-final campaigns could change
Whether the reforms completely solve Melbourne's underquoting problem
Why your auction due diligence shouldn't change
👋 About the Show
Buying Melbourne is Melbourne’s go-to podcast for buyers who want to make smarter property decisions. Hosted by Tristan Larkin and James Rankin from Tomii Property, we bring you expert tips, market insights, and real stories from the frontlines of real estate, finance, and construction. Auctions, rates, off-markets - we’ve got you covered.
🔗 Resources & Links
Join our mailing list & read the blog → www.tomii.com.au
Subscribe for weekly auction results → www.tomii.com.au/auction-results
Follow Tristan on TikTok & Instagram → @tristanlarkin
Follow James on TikTok & Instagram → @james__rankin
