REIV votes against publishing reserve pricing

With the ACCC proposing tough penalties for real estate agents and vendors who under quote to get potential buyers to auctions, it has come to light that the REIV have voted against forcing vendors to reveal reserve pricing before auctions.

Here’s an extract from an article in the Herald Sun (http://www.news.com.au/heraldsun/story/0,21985,25703450-5013926,00.html)

A secret committee ballot within the Real Estate Institute of Victoria voted nine to three against a motion that would have forced vendors to publish the prices they were willing to sell at.

The motion proposed that the REIV ask the State Government to introduce legislation requiring vendors to publish their reserve price before auction.