Property Occupations Act 2014

This section applies if a person wanting to sell residential property (a seller) asks an auctioneer for information about the price at which the residential property that is to be, or may be, offered for sale by auction (the offered property) is likely to be sold if it is sold by auction.

The auctioneer must give the seller a written notice stating that if the seller does not set a price at which the seller agrees to sell the offered property (a reserve price), the offered property will be sold for the price offered by the highest of any bids made when the property is auctioned.Maximum penalty—200 penalty units.

If the seller appoints the auctioneer to sell the offered property, the auctioneer must obtain from the seller before the offered property is auctioned a written notice stating—

if the seller sets a reserve price—the reserve price; or

if the seller does not set a reserve price—that the seller understands the offered property will be sold for the highest of any bids made when the offered property is auctioned.

An auctioneer must not help a seller decide the reserve price for offered property unless, before the seller decides the price, the auctioneer gives the seller—

a copy of a comparative market analysis for the offered property; or

if a comparative market analysis can not be prepared for the offered property, a written explanation showing how the auctioneer decided the market value of the property.