PIPA has welcomed efforts by the Victorian Government to combat underquoting in real estate. New regulations, set to be enacted in 2026, will require real estate agents to publish a property’s reserve price at least seven days prior to auction.
PIPA Chair Cate Bakos said the association supports the intent of the reform, while raising concerns about the process. “We are concerned about the lack of consultation with industry stakeholders,” she said, and sought clarity on how vendors can adjust reserve prices in the days before an auction.
Underquoting has been a persistent source of consumer harm in the Victorian market. PIPA has consistently argued that transparency in price guidance protects buyers, and that any measure which reduces the gap between quoted and achieved prices is a step in the right direction, provided it is workable for the vendors and agents who have to operate it.
PIPA will continue to engage with the Victorian Government as the detail of the regulations is settled, and will brief members on what the changes mean in practice ahead of commencement.
