Under a new policy announced by the Allan government, real estate agents will be required to disclose the reserve price of a property before buyers attend auctions.

The proposal comes as a bid to tackle underquoting in Victoria and ‘get millennials into homes’.

The CEO of the Real Estate Institute of Victoria, Toby Balazs, has suggested that the proposal is “ill-conceived and an overcorrection”.

Press PLAY to hear the reasons behind the criticism

“We’re disappointed that this has been released this morning,” Mr Balazs said on 3AW Breakfast.

“There’s other ways that we can ensure that there’s price transparency, but also protect the vendor’s right to maximise their biggest asset.”

Head of Victoria for Belle Property and Hocking Stuart, Anthony Webb, then weighed in on the announcement on 3AW Mornings.

“I can’t see how this is going to change anything for millennials,” Mr Webb told Tom Elliott.

Press PLAY to hear his full thoughts on the new policy

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