How Victoria’s anti-underquoting laws are helping sellers and buyers

Key points

• Agents in Victoria say new laws requiring reserve prices to be published seven days before auctions are already affecting sales. One North Melbourne home sold for $1.29 million, just below its $1.3 million reserve, after the reserve was set at the lower end of the quoted range.
• A Black Rock house sold for $2,283,000 against a $2,175,000 reserve after four bidders competed. Agents said some buyers misunderstood that vendors can still lower reserves on auction day.
• It is too early to judge the overall impact on clearance rates, which stood at 53 per cent last week.