Inside Victoria’s Push for Greater Transparency in Property Buying

Recent announcements from the Victorian Government, along with the Real Estate Institute of Victoria (REIV) response, have put underquoting and price transparency back in focus. For buyers, this signals a market gradually moving toward clearer and fairer expectations, particularly around auctions and price guides. The government is strengthening rules to protect consumers, while the REIV is encouraging reforms that are practical and balanced, supporting transparency without disadvantaging vendors. This approach aims to provide buyers with a clearer understanding of the market before committing to bids.

What Is Changing in Simple Terms

Key changes aimed at improving transparency include:

Reserve price publication: Agents must now publish the vendor’s reserve price at least seven days prior to auction or sale by fixed date. This ensures buyers have a realistic sense of value well before the campaign ends.

Monitoring by the Underquoting Taskforce: Established in 2022, this Taskforce continues to ensure agents adhere to proper price quoting rules, addressing complaints from buyers and even other agents.

Strategic guidance from REIV: The REIV formed a Strategic Working Group in September 2025 to develop a Blueprint for Price Guides. This aims to create clearer and more consistent standards for how properties are marketed and priced.

Together, these measures help buyers understand what to expect before auction day and reduce the frustration of pursuing properties that were unlikely to match their budget from the outset.

What This Means for Everyday Buyers

These changes give buyers:

• More clarity before auctions: Knowing the reserve price in advance helps reduce surprises and allows better planning.

• Better-aligned price expectations: Standardised guidance and monitoring make it easier to assess whether a property truly suits your budget.

• Confidence in the market: Oversight and transparency reassure buyers that advertised price ranges are more accurate.

Auctions remain competitive, and price guides are indicators rather than guarantees. Real-time demand, property uniqueness, and bidding activity still play a major role in the final sale price.

How Buyers Can Approach Auctions Under These Changes

Here are some practical considerations for navigating the market:

1. Treat price guides as informed indicators
   They are now supported by clearer standards and enforcement, but the real value is still determined on auction day.

2. Look beyond the numbers
   Consider suburb trends, recent sales, and property features alongside the guide.

3. Enter auctions with clarity and intention
   Having a plan for bidding limits and priorities helps keep decisions measured and confident.

4. Value strategic guidance
   Experienced advisors can help interpret nuances in pricing and auction behaviour without revealing your strategy publicly.

Looking Ahead

Victoria’s renewed focus on underquoting represents a meaningful step toward a fairer and more transparent property market. The seven-day reserve rule, ongoing Taskforce monitoring, and REIV guidance all help buyers gain a clearer understanding of vendor expectations before auction day. This reduces the emotional cycle of repeatedly missing out on properties that were unlikely to meet their budget and allows buyers to make more informed, focused decisions.

While buying property will always involve strategy and judgment, you do not have to navigate it alone. At Turley Property Advocates, we provide expert insight, guidance, and confidence at every step, helping buyers make informed decisions in a shifting market.