As underquoting continues to plague Victoria’s property market, calls are intensifying for the State Government to release the long-awaited 2022 Property Market Review.
Despite its completion nearly two years ago, the report’s findings and recommendations remain under wraps, frustrating property experts, industry stakeholders and consumer advocates alike.
Unpublished Review Sparks Industry Frustration
Enzo Raimondo, former CEO of the Real Estate Institute of Victoria (REIV), played a role in compiling the review and has expressed disappointment at the delay in its release.
“I’m surprised it still hasn’t been released … but certainly it should be. There’s a lot of work involved, and it would be a shame for it just to sit on a shelf and do nothing but collect dust,”
— Enzo Raimondo
Mr Raimondo noted that the review involved extensive consultation, including interviews with consumers, industry bodies, and real estate agents. He believes many of the report’s recommendations could meaningfully curb underquoting, particularly around reserve price disclosure.
Reserve Price Transparency Gains Momentum
The Victorian Greens have echoed these concerns, proposing mandatory reserve price disclosure prior to auction. The move is intended to help buyers avoid costly pre-auction expenses—such as building and pest inspections—on homes that ultimately exceed their budget.
“Reserve price disclosure isn’t just backed by consumer advocates. Even the Real Estate Institute of Victoria and leading property industry figures support it,”
— Gabrielle de Vietri, Greens Spokeswoman for Public and Affordable Housing
Supporters argue that knowing the reserve price early would lead to greater market transparency and prevent manipulation of price expectations, which often leads to buyer frustration and mistrust.
Premier Open to Reform, But Time Is Ticking
Premier Jacinta Allan has acknowledged the issue, describing underquoting as a “pretty shabby” practice. She confirmed that the government is seeking advice on two key reforms:
- Reserve price disclosure before auction, and
- Mandated provision of building and pest inspection reports by vendors.
“We are open to looking at what we can do to make the property market fairer for everyone,”
— Jacinta Allan, Victorian Premier
While the Premier has shown willingness to act, the lack of public access to the 2022 review raises concerns about the pace of reform.
Time for Transparency and Action
Mr Raimondo believes that if the recommendations were released, they would spark informed public debate and help develop a roadmap to phase out underquoting once and for all.
“It’s odd that the review, which is meant to assist, hasn’t been released… I was certainly disappointed that it wasn’t released and at least debated openly on what should occur,”
— Enzo Raimondo
As buyer frustration continues to rise and housing affordability remains front of mind, pressure is mounting for the Victorian Government to act decisively and transparently.
