Victoria's reserve price rule attracts serious bidders, $801,000 sale proves transparency works

Victoria's mandatory reserve price disclosure rule, effective October 16, encourages early adopters to advertise auction minimums voluntarily. Vendors like Graeme Pollock report success, with his Gladstone Park property attracting four bidders and selling for $801,000 against a $700,000 reserve. Agents say transparency prevents underquoting deception and attracts serious buyers, though some worry vendors may choose private sales instead.

Summary by OZbrief Editorial · The Age · Source