Australian-first laws will soon make it illegal for Victorian real estate agents to underquote the reserve price of a property in the days before an auction.

Agents will be made to disclose a home's exact reserve price a week before it goes under the hammer in a major overhaul of underquoting legislation in the state.

Underquoting is already illegal in Victoria however the proposed reform will make it harder to advertise misleading prices closer to auction day.

The key change was announced today by Victoria's Consumer Affairs Minister Nick Staikos today after media reports of dishonest auction practices.

Under the current laws, agents can set a reserve or asking price which is above the previously advertised figure as late as the day of the auction.

It leads to potential hom

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