The recent announcement regarding changes to Victorian auction legislation, including the requirement for vendors to publicly nominate their reserve price at least seven days prior to auction from 1 October 2026, has generated significant discussion throughout the industry. Many have questioned whether this will diminish the effectiveness of auctions.
Our view is simple: the auction process remains one of the strongest methods of sale available.
The success of an auction campaign has never depended solely on the reserve price being confidential. The real strength of auctions lies in the framework they create for both buyers and sellers.
Auctions establish a clear deadline, encourage buyer engagement, create accountability and provide vendors with genuine market feedback throughout the campaign.
Publishing a reserve price does not eliminate competition. A reserve represents the seller’s minimum acceptable outcome, not the upper limit of what buyers may be willing to pay. Buyers continue to compete when they recognise value, understand the property’s desirability and see evidence of competing interest.
If anything, these legislative changes place even greater importance on the quality of the campaign and the professionalism of the agent.
Success will come from stronger vendor education, more accurate pricing discussions, deeper buyer qualification and disciplined campaign management. Agents who consistently deliver these fundamentals will continue to achieve excellent outcomes for their clients.
The changes are unlikely to impact well-executed campaigns. Instead, they will highlight the difference between strategic auction programs and those lacking preparation or buyer engagement. Auctions continue to offer vendors a transparent, structured and highly effective pathway to market. They create urgency, provide clear market evidence and help vendors make informed decisions based on real buyer activity rather than speculation.
Importantly, the value of an auction campaign should not be measured solely by whether a property sells under the hammer.
A successful campaign also creates momentum, generates meaningful buyer feedback and helps vendors position themselves to achieve a sale within a reasonable timeframe following auction if required.
This is where the auction process continues to deliver significant value. It encourages better conversations, clearer decision-making and greater alignment between market expectations and vendor objectives. It provides a disciplined process that helps prevent properties from stagnating on the market without direction. For vendors, auctions still represent the best opportunity to create urgency, transparency and genuine buyer competition.
For agents, they continue to provide structure, accountability and a proven framework for achieving results.
While some of the mechanics may evolve, the fundamentals remain unchanged: competition, urgency, transparency, buyer engagement and informed decision-making.
That is why auctions remain highly relevant and why the ability to execute a quality auction campaign will continue to be a competitive advantage in our marketplace.