Victoria changed how auctions are advertised and priced in October 2026. If you are bidding on or after 16 October 2026, you should be able to see the seller's reserve price a week before you turn up, which is new and genuinely useful.
What changed for Victorian auctions in October 2026?
Two things, and both of them help the buyer.
The reserve price is published in advance. For auctions and fixed-date sales held on or after 16 October 2026, the agent has to publish the seller's reserve price at least seven days before the sale. It has to be a single dollar amount. Not a range, and not a figure dressed up with "from", "over", "+" or "starting at". The agent also has to update the advertising and the Property Price Statement to match. If the reserve is not published seven days beforehand, the sale cannot go ahead.
The timing is tighter than it sounds. For an auction held on 16 October 2026, the reserve had to be disclosed by 9 October 2026.
The Statement of Information is gone. On 1 October 2026 it was replaced by the Property Price Statement, which has to set out key features of the property and of each comparable property used, and has to appear prominently in online advertising rather than buried at the bottom of the listing. Once the property sells, the agent adds the sold price within seven days of the sale becoming unconditional, and the statement stays publicly available for at least 18 months.
What does the published reserve actually tell you?
The reserve is the lowest price the seller will accept on the day. Below it, the property can be passed in.
Knowing it a week out changes the question you are answering. Instead of trying to work out whether a quoted range is realistic, you can decide whether the number the seller will actually take is one you can fund, and whether it is worth clearing your Saturday.
Be clear about what it does not tell you. It is not a prediction of the sale price. A well-attended auction can finish a long way above it. The reserve is the floor, not the ceiling.
Is there a cooling-off period if I buy at auction in Victoria?
No. If you are the successful bidder you are bound on the fall of the hammer, with no cooling-off and usually no finance or building and pest conditions.
The same applies either side of the auction. If you buy within three clear business days before or after a publicly advertised auction, there is no cooling-off even though it is a private sale. See cooling-off period (VIC).
What should I do before I bid?
Everything that would normally be a contract condition has to be done beforehand, because at auction you do not get to make the contract conditional on anything.
- Have the section 32 reviewed. In Victoria the vendor's statement must reach you before you sign, and it is where title defects, planning overlays, owners corporation costs and unapproved building work surface. At auction there is no cooling-off to fall back on, so this has to happen before auction day, not after.
- Confirm who is buying. Your own name, joint names, a company or a trust. If it is an entity, it has to exist before the auction.
- Have finance confirmed rather than pre-approved. An auction contract is unconditional, so a finance clause is not available to you.
- Have the deposit ready on the day, usually up to 10%.
- Inspect, and get your building and pest reports back before you bid, not after.
- Order your searches with enough time for them to return.
- Read the Property Price Statement and the published reserve together. The statement tells you what the agent is comparing the property to. The reserve tells you what the seller will take.
At auction compared with private treaty in Victoria
| Feature | At auction | Private treaty |
|---|---|---|
| Cooling-off | None | 3 business days, penalty $100 or 0.2% of the price, whichever is greater |
| Finance or building and pest conditions | No, the contract is unconditional | Can be negotiated into the contract |
| When the deposit is paid | On auction day | As the contract sets |
| Seller's reserve | Published at least 7 days before, for sales on or after 16 Oct 2026 | Not applicable |
| Buying within 3 clear business days either side of a public auction | Not applicable | Still no cooling-off |
Common questions
When will I be able to see the reserve price?
At least seven days before the auction or fixed-date sale, for sales held on or after 16 October 2026. For an auction on 16 October, that meant the reserve had to be out by 9 October.
Does the reserve have to be an exact figure?
Yes. It must be a single dollar amount. An agent cannot publish a range, or soften it with "from", "over", "+" or "starting at".
What happens if the agent does not publish the reserve in time?
The sale cannot go ahead. Penalties also apply to the agent.
Does this mean the property will sell at the reserve?
No. The reserve is the minimum the seller will accept, not an estimate of what it will fetch. Competitive bidding regularly pushes the result well above it.
General information only, not legal advice. Conveyancing law varies by state and changes over time; confirm your situation with a licensed conveyancer or solicitor.
