Leon D'Penha - Connect Estate Agents

21/05/2026

https://budget.gov.au/content/04-tax-reform.htm

Australian Federal Budget, 2026-27

03/05/2026

In Victoria, auctions are strictly regulated by the *Sale of Land (Public Auctions) Regulations 2014* and the *Estate Agents Act 1980*.
Notably, as of **May 2026**, the Victorian Government is introducing significant reforms to mandate the disclosure of reserve prices.
# # # **1. Major 2026 Legislative Update**
The Victorian Government has moved to mandate **reserve price disclosure**. Under these new laws (expected to be introduced to Parliament this month):
* **7-Day Rule:** Vendors must publicly disclose the reserve price at least **seven days** before the auction or fixed-date sale.
* **Price Locking:** Once the reserve is published, it typically cannot be changed before the auction to prevent "bait pricing."
* **Mandatory Disclosure:** Sold prices must be publicly disclosed once a sale becomes unconditional.
# # # **2. Standard Auction Conduct**
Until the new legislation is fully proclaimed and active, the following core rules apply to every public auction in Victoria:
* **Documentation:** The auction rules and the "Information for Bidders" statement must be on display for at least 30 minutes before the auction starts.
* **No Late Bids:** The auctioneer cannot accept any bids after the fall of the hammer.
* **Identification:** Bidders must be identified by the auctioneer upon request.
* **Disruption:** It is illegal to intentionally disrupt an auction or prevent others from bidding. Substantial fines apply.
* **Questions:** You have the right to ask the auctioneer a reasonable number of questions regarding the property, contract, or rules during the auction.
# # # **3. Vendor and Co-Owner Bidding**
* **Vendor Bids:** The auctioneer may bid on behalf of the seller if the property hasn't reached the reserve. This **must** be announced as a "vendor bid" every time it is made.
* **Co-owner Bids:** If a property is jointly owned, a co-owner may bid from the crowd to buy out the other party, but they cannot bid through the auctioneer.
* **Dummy Bidding:** It is strictly illegal for anyone other than the auctioneer to make a bid on behalf of the vendor to "puff" the price.
# # # **4. After the Hammer Falls**
* **The Contract:** If you are the successful bidder, you must sign the contract and pay the deposit (usually **10%**) immediately.
* **No Cooling-Off:** There is **no cooling-off period** for properties bought at auction or within three business days (before or after) of a scheduled auction.
* **Passed In:** If the bidding does not reach the reserve, the property is "passed in." The highest bidder has the **exclusive right** to negotiate with the vendor first.
# # # **Key Penalties**
The Victorian government has significantly increased penalties for **underquoting**. Agents face fines of up to **$48,000+** and may lose their commission if they are found to have advertised a price significantly lower than the vendor's reserve or the agent's estimated selling price.

14/10/2025

31/07/2025

The boss of one of Australia's biggest banks expects the RBA will have more confidence to start cutting rates.

16/05/2025

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07/05/2025

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https://www.connectestate.com.au/property?property_id=1588610/65-hayton-park-boulevard-cranbourne-west