Real estate agents in Victoria will be required to publish a property's reserve price at least seven days before it goes to auction under a state government crackdown on illegal underquoting.

The Victorian government on Thursday morning unveiled Australian-first laws requiring real estate agents to publish reserve prices — the minimum amount a seller will accept for a property — ahead of an auction or fixed-date sale.

The laws will mean real estate agents who fail to disclose the reserve price within the timeframe cannot proceed to auction or sale. They are set to be introduced next year.

Underquoting occurs when a property is deliberately advertised for less than its estimated selling price or the owner's asking price.

Despite underquoting being illegal, the Victorian government has a

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