Industry
What Does The New 7-Day Reserve Price Rule Mean For My Auction?
October 2026
October 2026
What Does The New 7-Day Reserve Price Rule Mean For My Auction?
From 16 October 2026, Victorian properties being sold by auction or fixed-date sale through an estate agent must have the seller’s reserve price published at least seven days before the sale. For buyers, that means clearer price information before auction day. For sellers, it makes early, well-informed reserve price discussions with their agent more important than ever.
Our perspective: Auctions have always worked best when buyers and sellers understand the process. We see greater price transparency as an opportunity to make auction campaigns clearer, better prepared and easier for everyone to navigate.
What is changing with reserve prices in Victoria?
Under the new Victorian property price transparency rules, an estate agent must publish the seller’s reserve price at least seven days before an auction or fixed-date sale. The reserve must be shown as a single dollar amount, and advertising and the Property Price Statement must be updated to reflect it.
If the published reserve price changes, the seven-day period starts again. This means the auction or fixed-date sale cannot proceed until the revised reserve has been publicly available for a further seven days.
What does the 7-day reserve price rule mean in practice?
From an experienced agent and auctioneer perspective, the biggest change is the timing of the reserve conversation. Traditionally, sellers could make their final reserve decision much closer to auction day. Now, that decision needs to happen earlier if the auction is to proceed as scheduled.
That makes preparation particularly important. We will work with sellers ahead of the disclosure deadline, discussing buyer feedback, comparable sales, campaign activity and the agent’s recommended reserve so they can make an informed decision.
For buyers, a published reserve provides greater clarity about the seller’s minimum price before auction day. It does not change the competitive nature of an auction, but it gives buyers more information when deciding whether to participate and how to prepare.
How are we working with the new rules?
At Peake Real Estate, our approach is to work with the change rather than overcomplicate it. Clear communication with sellers throughout the campaign, timely reserve discussions and transparent information for buyers will be central to how we manage auctions across Berwick, Officer, Beaconsfield and surrounding areas.
We also have an exceptional in-house auctioneer working within our sales team, Cameron Knoll. Having that auction experience inside the team gives our sellers and buyers a direct point of contact when they want to better understand how the new process works in practice.
Have a question about the new auction rules? You can contact Cameron Knoll on 0428 762 148 anytime to talk through what the changes may mean for an upcoming auction.
What should sellers do before an auction?
The practical point is to start the reserve conversation earlier. Your agent must request your reserve price in writing and provide a recommended reserve with reasons for that recommendation. You still decide your reserve price, but once it is published, changing it will restart the seven-day disclosure period.
For us, the fundamentals remain the same: good auction campaigns depend on preparation, clear communication and informed decisions. The new rules simply bring the reserve price into that conversation earlier and make it visible to buyers before auction day.
This article provides general information only and is not legal advice. Requirements can change, so consider obtaining advice that reflects your circumstances.
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Got more questions for us?
Whether you’re buying, selling, leasing or just curious, we’re here to help. Get in touch with our Berwick or Officer branches.
