Buying at auction in Victoria? The reserve price now comes a week early
Victorian buyers can now see the seller’s reserve at least seven days before a publicly advertised residential auction or fixed-date sale managed by an agent. Here’s how to use that extra time.
You’ve inspected the house twice, asked your conveyancer to review the contract and set aside Saturday morning for the auction. Then you find out the seller expects more than you can pay. Victoria’s new rules give buyers a chance to see that number earlier, while there’s still time to decide whether the property belongs on their shortlist.
When you’ll see the reserve
Victoria’s reforms began on 1 October 2026. The advance reserve disclosure requirement applies to relevant auctions and fixed-date sales held from 16 October 2026. For publicly advertised residential sales of these kinds managed by an estate agent, the seller’s reserve must appear in advertising and in the Property Price Statement at least seven days before the sale date. It is shown as a single dollar figure. If the seller changes the published reserve, the seven-day period starts again. Consumer Affairs Victoria’s overview of the changes
The reserve is the price the seller sets for the auction or fixed-date sale. Bidding can take the final price higher. A seller can also accept an offer before auction and cancel the auction, so confirm the campaign timetable with the agent if you’re planning an inspection or arranging a contract review. Consumer Affairs Victoria’s guidance on reserves and pre-auction offers
Read the statement alongside the price
Look for the Property Price Statement near the price on the online listing. It replaces the Statement of Information and gives you more detail about the home and the comparable properties the agent has used. The statement can show both the agent’s indicative selling price and the seller’s reserve. They serve different purposes. The indicative figure reflects the agent’s estimate of the selling price, while the reserve reflects the price set by the seller. Consumer Affairs Victoria’s guide to property sales and pricing
Take a close look at those comparisons. Two three-bedroom homes in the same suburb can have quite different appeal. One might sit on a quiet street with a practical floor plan, while the other fronts a busy road and needs immediate repairs. If you’re buying an apartment, compare the building, parking, owners corporation fees and any planned major works as well as the floor area.
Put the extra week to work
Start with the checks that could change your view of the property. Read the contract and seller’s statement with your conveyancer or solicitor, arrange a building and pest inspection where appropriate, and compare recent sales of homes you’d genuinely consider buying. If it’s an investment, ask a local property manager what similar homes have actually leased for and how long they took to find a tenant.
There’s another change worth knowing about as you build your shortlist. For agent-managed residential sales, including private sales, the agent generally has seven days after the sale becomes unconditional to publish the final price in the Property Price Statement. Exemptions can apply. That gives buyers another place to check what comparable properties actually sold for. Consumer Affairs Victoria’s guidance on sale price disclosure
A week’s notice gives you time to get the checks done before auction day. If the reserve puts a property beyond the limit you’ve set, you can spend that Saturday looking at the next one on your list.
Invest Realty Australia provides general property information. For advice on a particular contract or transaction, speak with your solicitor or conveyancer.
