Wednesday, 18 March 2026

 Nick STAIKOS (Bentleigh – Minister for Consumer Affairs, Minister for Local Government) (14:17): Too many Victorians have spent their Saturdays at auctions for homes they never had any chance of buying, and that is why the Allan Labor government is cracking down on underquoting and making the property market fairer and more transparent for homebuyers. Under Labor’s new laws, agents will be required to publish reserve prices at least seven days before an auction or fixed-date sale. We will also require sold prices to be made public so buyers can better compare properties for sale in their area, and we will require presale building and pest inspection reports from the vendor so that purchasers are not forced to shell out thousands of dollars on reports when they do not end up buying the property in the first place. These reforms are simple: tell homebuyers the truth, publish the numbers and stop wasting people’s time and money. They build on comparable sales rules and a permanent underquoting taskforce that has already issued 238 infringements, amassing $2.7 million in fines.

There are some who oppose these nation-leading reforms. They have landed in the absurd position of arguing that transparency is the problem, and one particular commentator says that publishing the real numbers just tells Victorians how unaffordable it is to buy a home. But that misses the point. These reforms reveal the real market value and make sure homebuyers are not being ripped off. The person who missed the point was the Leader of the Opposition. While those opposite oppose action, the New South Wales Liberals, who I am really starting to like, are calling for stronger measures against underquoting. So happy househunting with our ever-growing reforms, especially for those in the opposition who, once preselection knives are out, may find their new home in One Nation.