I am no longer up to date with Vic Real estate law but I would think that a reserve price is compulsory 1/ How can the agent be sure of being paid their commission if he/she does not know the price you will sell for. If the value was say $500,000 and after the auction the owner said but I wanted 1 mill, the agent has spent their money for nothing ie the agent is an idiot. 2/ From memory I thought it was law to have a reserve price before it goes to the market, even if the figure was outside the expected value Surely there are real estate people on HC who actually know the law who could give the correct answer
