The Victorian Government's proposal to mandate the publication of auction reserve prices at least a week before auctions has been met with backlash from the real estate industry. The Real Estate Institute of Victoria (REIV) has decried the reform as a 'shocking abuse of transparency' that threatens the long-held tradition of agents telling buyers that 'the vendor hasn’t decided yet'.

The REIV argues that revealing the reserve price would unfairly penalize agents who rely on less-than-honest practices to earn a living. An REIV spokesperson humorously suggested that underquoting is a cherished skill passed down through generations, warning that without it, young agents might struggle to maintain the illusion of a fair price.

While some buyers appreciate the clarity the new law would bring, others lament the loss of the thrill in being told a property is 'in your range', only to see it sell for much more. One buyer likened the experience to being tricked by a very polite magician.

Despite opposition from the REIV, which plans to continue lobbying against what it calls 'unnecessary honesty mandates', some real estate groups are preparing for change. One agency has even enrolled its agents in a course titled 'Introduction to Numbers And What They Mean', as they brace for the inevitable shift towards transparency.