The Real Estate Institute of Victoria (REIV) has responded to the Premier’s open letter to CEO Toby Balazs, which was published on social media accounts over the weekend and appeared to misrepresent the REIV’s stance on property price transparency.
As the peak body, the REIV has always advocated for transparency and fairness in Victoria’s real estate market. We condemn all forms of underquoting and have provided detailed policy recommendations, grounded in practical insight, to stamp it out.
Independent research commissioned this year by the REIV found that 94 percent of Victorian property owners said they would fundamentally change their selling strategy if forced to disclose their reserve price seven days before auction.
In its eight initiatives submitted to the Victorian Government on this issue, the REIV recommended a requirement that vendors instead publish a 10 percent reserve price range three days prior to auction, which would promote greater transparency and benefit all participants of property transactions.
As the Premier’s open letter to the REIV shows, the government has chosen to ignore this recommendation and supporting evidence. The REIV is disappointed by the Premier’s refusal to accept constructive, evidence-based input to develop effective legislation.
The REIV is concerned that the Consumer Legislation Amendment Bill 2026 (Bill) poses enormous risk to Victorian homeowners, buyers, and agents if not substantially amended, exposing participants to new litigation risks while adding unnecessary complexity to our housing ecosystem. Once again, the REIV has provided a clearly documented list of issues with the Bill in an open and transparent effort to develop rules that are effective.
The REIV has repeatedly acknowledged that the government’s intentions are sound, however, the approach is counterproductive.
We will continue to highlight effective policy to root out illegal behaviour, and we again flag that the Bill in its current form with the reserve disclosure seven days prior is counterproductive and will drive people away from auctions, the most transparent way to buy a home.
Media Contact: media@reiv.com.au 03 9205 6607