Victoria’s new auction laws spark ‘chaos’ and confusion

Key points

• Victoria's new auction disclosure rules drew criticism in their first weekend, with auctioneers and agents warning of confusion and less transparency for buyers. Real estate figures showed a preliminary 55.5 per cent clearance rate from 371 early results.
• Auctioneer Andy Reid said the laws would create chaos, noting that homeowners could still change their reserve once an auction began. Melbourne auction volumes are down 53 per cent on last year for next week.
• Minister for Consumer Affairs Tim Richardson said the reforms would help stop underquoting.