MEDIA RELEASE
Following the Consumer Legislation Amendment Bill 2026 passing both houses of Parliament, the Real Estate Institute of Victoria (REIV) has written to the Minister for Consumer Affairs, Tim Richardson MP, seeking urgent clarity on aspects of the legislation which comes into effect on 1 October 2026.
The pressing questions the REIV has again asked Mr Richardson to answer, include:
1. Reserve price changes during the seven-day period. If a vendor selling at auction or inviting offers by a fixed date needs to change their reserve price during that seven-day period, a common occurrence, can they do so without affecting the date of sale or auction or are they required to reschedule the auction? Does this apply equally to both increasing and decreasing the reserve, or does the treatment differ depending on the direction of the change?
2. Accepting an offer during the seven-day period. If a buyer makes an offer during the seven-day period immediately preceding an auction or fixed date sale, can the seller invite offers from other interested parties without resetting the date of sale?
Toby Balazs, CEO of the REIV, said the flaws in the legislation raise more questions than answers when applied in real world settings.
“Since this Bill was first introduced, the REIV has repeatedly raised concerns that this legislation has grey areas that will regularly cause buyers, sellers, and agents to find themselves in confusing and high-risk situations. Alarmingly, policymakers have not provided any clarity, and this was evident in recent Parliamentary debate where no clear answers were given to settle confusion.”
“While it is disappointing the Bill has passed without critical practical amendments, the industry now urgently needs guidance on how we are to navigate these grey areas. Without this necessary clarity, buying or selling a home will become harder and riskier for Victorians.”
The REIV has consistently and in good faith recommended solutions to the Victorian Government to fix the legislation and ensure it meets its intended objective of improving transparency for all property market participants. Its recommendations, which were backed by the findings of a working group and independent evidence, were ignored by the Victorian Government.
Media Contact: media@reiv.com.au 03 9205 6607