00:021.1, 1.1, another 25, sir.
00:05Across Australia, potential buyers are trying to answer the question.
00:09What will they sell for?
00:11Have a think, 830, the bid is here at the front.
00:14For the first time, new laws will now force sellers, also known as vendors,
00:19to name their reserve price, at least one week before auction.
00:23I'll ask you one more time, you're definitely out.
00:25Pretty good because it shows us where the vendors are at.
00:28So I don't know how this will make a difference.
00:30Magnificent corner lot.
00:32It's just in Victoria for now, but the change is being watched nationwide.
00:37The publication of the reserve price is in force from today.
00:41And from December next year, the sale price will need to be publicly available for at least 18 months.
00:47The good agents who are very transparent and sort of honest with their owners,
00:54I don't think much is going to be changed for them.
00:58The industry fought the changes, arguing agents need more time to gauge interest and price.
01:05We think that's far too early.
01:06You've got to have a balanced approach to how you manage both the buyer and the seller journey
01:11with property transactions.
01:13So it does help buyers know they actually have a chance of buying a property
01:16and that the vendors aren't looking for something that they can't afford.
01:18All done.
01:19At this auction in Melbourne, the reserve was listed at $850,000.
01:24Third and final call.
01:26Bidding didn't get that high.
01:28But after negotiations, it sold for the reserve price published a week ago.
01:33Look at that.
01:33Knowing the price that a seller will say yes to is a win for buyers
01:37and should reduce some of the time and money wasted looking at properties where they never really had a shot.
01:43I'm not sure I'm not sure.
01:44What is this?
01:45You
