Estate agents in Victoria are already finding ways around new rules that require sellers to publish their reserve price before an auction, The Guardian reports.
The laws, which took effect this month, make sellers disclose the lowest price they will accept at least a week before an auction or fixed-date sale, give buyers comparable local sales, and require prices to be published after a sale. They aim to stamp out underquoting, where homes are advertised well below the expected price to draw interest.
Because the rules do not apply to open-ended sales, a buyers' agent told the paper that agents are switching to expressions of interest with no closing date and to more private sales. She said it was too early to know whether the reforms would work. Other states are watching Victoria as a possible model.
Source: The Guardian Australia
