New Victorian laws reveal auction reserves, so buyers stop wasting weekends

Key points

• New Victorian laws require real estate agents to publish auction reserve prices at least a week before an auction. Agents must also publish sale prices for at least 18 months after a sale.
• Minister for Consumer Affairs Paul Edbrooke says the laws will stop buyers wasting time on homes they cannot afford. The Real Estate Institute of Victoria says the laws are poorly designed and could lead to overquoting.
• Industry figures also warn buyers may feel more informed than they are, and say the laws are unlikely to affect prices.