<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australian-first laws will soon make it illegal for Victorian real estate agents to underquote the reserve </span><a href="https://www.9news.com.au/property-market" rel="" target="_blank" title="price of a property"><span>price of a property</span></a><span> in the days before an auction.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Agents will be made to disclose a home's exact reserve price a week before it goes under the hammer in a major overhaul of underquoting legislation in the state.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Underquoting is already illegal in Victoria however the proposed reform will make it harder to advertise misleading prices closer to auction day.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/finance/nvidia-earnings-will-shed-a-light-on-whether-big-tech-is-fueling-an-ai-boom-or-bubble/deb139da-4f59-47bb-8905-58b9f42fa8b7" target="_blank"><strong><span>'AI bubble' fears eased as world's most valuable company clears hurdle</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The key change was announced today by Victoria's Consumer Affairs Minister Nick Staikos today after media reports of dishonest auction practices.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Under the current laws, agents can set a reserve or asking price which is above the previously advertised figure as late as the day of the auction.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It leads to potential homebuyers wasting their Saturday at auctions for a home they an't afford.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/new-underquoting-laws-victoria-reserve-price-disclosure-set-to-be-introduced/f98139b7-96d6-4f95-95d1-60440c3c1318" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The updated laws will require agents to publish the actual reserve price at least seven days before auction day.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Real estate agents who fail to disclose a reserve price within this time frame will be banned from proceeding to auction or sale.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>All marketing materials will be required to reflect the honest reserve price too.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Underquoting isn't fair and it's young Victorians and families paying the price," Staikos said today.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"That's why we're stamping it out by requiring reserve prices to be published at least seven days before an auction.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/cancer-pancreatic-plea-disease-wiped-out-stephs-beloved-family-within-a-year/955a325d-9066-41fb-88b9-b04eb35beac2" target="_blank"><strong><span>One disease wiped out Steph's family in a year. Survival rates have barely changed</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We want the housing market to be fair – that's why we're continuing to crack down on underquoting with strong laws, a dedicated taskforce and active enforcement."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Labor government said its underquoting taskforce has issued over 200 infringements totalling over $2.3 million in fines.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In response, the Victorian Greens said it supported the fresh underquoting laws but warned it may not have any impact on housing affordability.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Greens claimed underquoting has "run rampant" in the state, which has fuelled competition and driven prices up.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Labor's finally catching. First-home buyers have been getting completely screwed for years, wasting time and spending thousands on inspections for homes they were never going to afford," said Victorian Greens housing spokesperson Gabrielle de Vietri.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Being told the reserve early is helpful, but it doesn't change the reality that most young people can't afford the reserve in the first place."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/nsw-dodgy-real-estate-agents-to-face-110000-fines-for-misleading-listing-prices/3cbe9f4d-6068-442b-96ed-189d06c50da9" rel="" target="_blank" title="Similar laws were introduced this month in NSW"><span>Similar laws were introduced this month in NSW</span></a><span>, which penalises dodgy real estate agents who put misleading price estimates in property listings.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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