One in 10 Victorian auctions in doubt as tough new laws start

The Victorian government’s new auction ban has hit one in 10 sellers in week one. Dozens of Victorian home sellers will have their auction plans changed in the first week of new laws controlling the sales method being in full force. About one in ten Victorian homes scheduled to go to auction this weekend did not have their reserve price advertised seven days prior in a potential breach of the underquoting laws implemented at the start of the month. This weekend will be the first with the laws in full force, with a grace period for those that were advertised for sale prior to October 1 expiring at the end of this Thursday. RELATED: New Victorian auction and set-date laws, what sellers need to know Melb housing crash survivor suburbs revealed Melb underquoting auction ban confusion hits A Herald Sun review of the about 394 homes listed for auction on online portals from Friday to Sunday this week found 42 without a reserve price disclosed. This included a handful where offers had been accepted for the home, but that might be facing a scenario where they will not be able to proceed to auction as planned if the offer falls through during the week. Under new laws designed to tackle unde...