Media Release
The Real Estate Institute of Victoria Ltd
Telephone (03) 9205 6666
ABN 81 004 210 897
FRIDAY 4 JULY 2008
REIV looks forward to first auctions under new rules
REIV CEO Enzo Raimondo has welcomed the introduction of new laws to prevent bids after
the fall of the hammer at an auction being accepted.
“The new rules came into effect on Monday 30th June and will apply to auctions held
tomorrow.
“The laws are aimed at preventing successful bidders from being gazumped by a late bid
and come after campaigning by the REIV over the last few years.
“The new rules are very simple to follow. They must be displayed at the auction at least 30
minutes before the auction begins. In addition to displaying the rules, before the auctioneer
calls for bid he or she must announce to bidders that the rules of the auction prohibit the
auctioneer from accepting bids or offers after the property has been knocked down to the
highest bidder.
“The person who is the highest bidder will then have the right, assuming they have reached
the vendors reserve, of going inside to pay a deposit and sign the contract of sale. They will
be able to do this safe in the knowledge that no other bids can be made on the property.
“The decision will improve the transparency of the auction process and will ensure that all
agents comply with a rule that has been in place for REIV members for a number of years.
“The REIV supports the State Government’s decision to amend the laws and will continue to
work with the government to bring more efficiency to property transactions and help educate
the community about these changes,” Mr Raimondo concluded.
MEDIA COMMENT:
Chief Executive Officer: Enzo Raimondo, 9205 6666 or 0412 252 752.
CPR Communications and Public Relations, Robert Larocca, 9654 4799 or 0409 198 350
NEWS 
