Statement from Toby Balazs, CEO, Real Estate Institute of Victoria
The Real Estate Institute of Victoria (REIV) is calling for a pause to proposed changes under the Consumer Legislation Amendment Bill 2026 following Friday’s Upper House debate, which raised serious concerns about how the Government’s proposed auction reforms would operate in practice. In addition, the REIV is disappointed that several amendments circulated by the Opposition, which would have made the auction legislation workable, were not accepted.
REIV CEO Toby Balazs said questions about the proposed seven-day reserve price disclosure requirement highlighted fundamental uncertainty about how the new rules would work in real-world auction settings.
“Alarmingly, Minister Stitt’s answers were at times inconsistent and contradictory, pausing to consult with advisers for her own clarity. Even simple practical questions on whether a reserve can be changed and under what circumstances were left unclear.
“We cannot expect Victorians to comply with new rules when the policy makers proposing them don’t understand how they will operate. The proposed reform risks adding unnecessary complexity and confusion to the auction process and could ultimately encourage more sellers to opt for private sale, a less transparent form of real estate transaction.
“The REIV urges Premier Ben Carroll to delay this bill until evidence-based, expert advice from the industry has been properly considered. In its current form, the proposed legislation appears to create more questions than answers and will have a counterproductive impact on the Government’s stated objective of improving price transparency.”
The REIV has written to Hon Tim Richardson, Minister for Consumer Affairs, to urge the government pauses the proposed changes and conducts further industry consultation to ensure each provision can work in a real-world setting.