Petition demands auction reserves be published

Petition demands auction reserves be published

Posted on Tuesday, March 25 2014 at 3:47 PM

In a bid to stamp out underquoting and dummy bidding for good, Sydney real estate author and buyers’ agent Patrick Bright is challenging the NSW Government to make advertising reserve prices on properties for sale by auction mandatory.

his own online petition, Bright called on the NSW Minister for Fair Trading to
amend the current legislation and make it compulsory to publish the reserve
price seven days out from auction.

auctions becoming the sales method of choice, according to Bright, particularly
in Sydney and Melbourne, it is time the NSW Government ‘got serious’ and ‘take
the lead’ about making the auction process more transparent for all buyers and

who choose to sell via auction should be required to publish the auction
reserve price seven days out from auction day to create a more transparent
process,” he says.

this scenario, buyers will have the choice to go ahead and pay the lead up
costs with confidence knowing that they are actually in the running to purchase
the property.

seven days notice, sellers will also have the choice to either continue with
the auction or pull the auction and pursue a private treaty sale.

real estate auction process is rife with underquoting and it’s time for buyers
to take a stand and say ‘no’ to this unfair, misleading and deceptive

Bright says despite it being a breach of the Act, many selling agents and
vendors still underquote the value of properties up for auction and this needs
to change.

expected, buyers accept the selling agent’s price guides on face value for
properties listed for auction and why wouldn’t they?” he says.

though for the buyers, the vendor’s real expectations and subsequent reserve
are often significantly above the price guide and often far more than they can

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