Until now, your reserve was a number you agreed with your agent the night before, or on the morning of the auction, and nobody else saw it. From 1 October 2026 that changes. For auctions and fixed date sales on and from 16 October, your agent has to publish your reserve at least seven days before the sale, as a single dollar figure. If it is not published in time, the sale cannot go ahead.
We covered what this means for buyers in Victoria’s new reserve price rules. This piece is for sellers, because the harder decisions under the new rules sit on your side of the table, and it is where independent vendor advocacy now does its most useful work.
What changes for sellers
- Your agent must ask you for the reserve in writing. The conversation becomes a documented step in the campaign, not a handshake on auction day.
- It is published at least seven days out. Consumer Affairs Victoria says it must be a single dollar amount, with no “from”, “over”, “+” or “starting at”.
- Your advertising has to match it. Listings and marketing that do not reflect the reserve must be corrected.
- Your agent must identify comparable sales in the new Property Price Statement, which replaces the Statement of Information.
- Your sold price becomes public. Once the sale is unconditional, the agent must add the price within seven days, and it stays online for at least 18 months.
- The timing. Most changes start 1 October 2026. The reserve rules apply to auctions and fixed date sales on and from 16 October 2026. They apply to residential property only.
You now have to decide your reserve a week earlier
This is the real shift. Most sellers set their reserve on the evidence of the campaign: how many groups came through, who asked for a contract, what the pre-auction offers looked like. Under the new rules you commit to that number at least a week before the auction, which in a four-week campaign means you set it around the halfway mark, with only two weekends of feedback behind you.
That rewards sellers who go in with a well-evidenced view of value before the campaign starts, rather than waiting for the market to tell them.
Set it too high and you pay for it publicly
The obvious reaction is to publish a high number and leave room. That is where sellers will get hurt.
A published reserve is now a price signal. Buyers will compare it against the comparable sales listed in your Property Price Statement. If the gap is wide, the serious buyers you need at auction may decide not to register, and the property is more likely to pass in. A passed-in property with a public reserve gives the highest bidder a clear read on how far you are from the market, which weakens your position in the negotiation that follows. We explain how that negotiation works in what happens when a property passes in.
Lou spent years on the rostrum before moving to the buyer side, and the pattern is familiar: an unrealistic reserve rarely produces a higher price. It produces a slower campaign and a weaker negotiating position at the end of it.
Set it too low and you have told everyone
The opposite risk is just as real. Once a number is published, bidders will anchor to it. A conservative reserve set to guarantee a sale can leave money on the table if only one or two buyers turn up. The reserve is no longer just your floor. It is the first thing every buyer reads.
Can you change your reserve once it is published?
This is the part that is not yet settled. The legislation does not spell out whether a seller can vary a published reserve, and Consumer Affairs Victoria’s guidance, updated 15 September 2026, does not address it. The Real Estate Institute of Victoria has said publicly it is still working through questions with the regulator, including what happens if a seller rejects a pre-auction offer above the published reserve.
What is clear is that the auction cannot proceed unless the reserve was published seven days before. So the safe working assumption is that changing the number inside the final week puts the auction date at risk. Plan as though your published reserve is the one you will sell at, and get written advice from your agent and conveyancer if you need to move it.
Is auction still the right method for your property?
Expect more Melbourne sellers to reconsider auction, and that is not always a bad thing. The right method depends on the property:
- Auction still suits properties with broad appeal and strong comparable evidence, where competition among several buyers is likely and a credible reserve will draw them in.
- Private sale or expressions of interest may suit unusual properties, prestige homes with a small buyer pool, or anywhere the evidence is thin and publishing a single figure early would do more harm than good.
- Off-market sales remain an option for sellers who value privacy and a quieter process.
The point is to choose the method on the property’s merits, not out of habit.
How to prepare before you list
- Get an independent view of value before you sign an agency agreement. Not the highest quote from the agent trying to win the listing.
- Ask each agent how they will set and publish the reserve under the new rules, and what evidence they will use.
- Look at the comparables your agent plans to use in the Property Price Statement. Buyers will.
- Map out the campaign dates so you know exactly when the reserve must be locked in.
- Decide what you will do if the property passes in before the auction, not on the day.
How a vendor advocate helps under the new rules
A vendor advocate works for you, not the selling agent. Under the new rules, that job gets sharper:
- Choosing the agent. We compare agents on their evidence and how they will set and publish your reserve, not on who quotes highest.
- Setting the reserve. We test the comparable sales before the number is locked in and published.
- Choosing the method. Auction, private sale or expressions of interest, decided on the property’s merits.
- Running the campaign. We track buyer feedback, pre-auction offers and the reserve deadline so nothing is left to auction week.
- Negotiating the result. Lou’s years as a selling agent and auctioneer mean we know how the other side runs the day, including if the property passes in.
You still engage your own selling agent. We sit alongside you so every decision is made in your interest. Read more about how vendor advocacy supports sellers or see our home seller services.
This article is general information, not legal advice. Guidance on parts of the new rules is still being finalised. Speak to your conveyancer or solicitor about your own sale.
Frequently asked questions
When do the new reserve price rules start in Victoria?
Most of the changes start on 1 October 2026. The requirement to publish the reserve applies to residential auctions and fixed date sales held on and from 16 October 2026.
How far before the auction is my reserve published?
At least seven days before the auction or fixed date sale, as a single dollar amount.
Can I change my reserve after it has been published?
The legislation and current Consumer Affairs Victoria guidance do not clearly say. Because the sale cannot go ahead unless the reserve was published seven days prior, changing it close to auction day risks the sale date. Get advice from your agent and conveyancer before making any change.
Will my sold price be made public?
Yes. Once the sale is unconditional, the agent must add the sold price to the Property Price Statement within seven days, and it stays publicly available for at least 18 months.
Do the rules apply to commercial property?
No. The reserve price requirements apply to residential property sales.
Should I still sell at auction?
It depends on the property. Auction still works well where competition is likely and the price evidence is strong. Where the buyer pool is small or the evidence is thin, private sale or expressions of interest may serve you better.
