New Vic auction laws numbers see state trail behind NSW

The Victorian government, led by Premier Ben Carroll, will introduce new auction reserve disclosure laws on October 1. Victoria’s property market is set to hit a grim new milestone in the first full week to be subjected to state government’s new auction laws. According to realestate.com.au, Victoria is slated for 707 auctions in the week from Monday, October 5, to Sunday, October 11, – compared to NSW’s 841 auction tally for the week. As part of those numbers, Melbourne will host 686 auctions that week, and Sydney 718 auctions. RELATED: New Victorian auction and set-date laws, what sellers need to know Just two bidders now competing at typical Melbourne auctions New Victorian auction law will cost sellers, create legal underquoting Victoria’s lower auction numbers for the week come a few days after October 1, when the new auction legislation, to be implemented by Premier Ben Carroll’s government, will require Victorian home sellers to disclose their reserve price seven days prior to any auction or set-date for a publicly advertised sale. While sellers will get a two-week grace period, the government will be enforcing the new rules for all auction and set date sales from October 16....