Estate Agents Act 1980

Before the date of auction or fixed-date sale of residential property, an estate agent or agent's representative, in writing, must request the seller to provide the seller's reserve price for the residential property.

A written request under subsection (1) must include—

a statement by the estate agent or agent's representative of—

the proposed reserve price for the residential property; and

the reasons for the proposed reserve price; and

the requirement that the seller's reserve price is expressed as a single dollar amount that is not described with additional words or symbols; and

a statement that the seller is to respond to the request in writing by—

providing signed confirmation of the reserve price to the agent or agent's representative; or

requesting another proposed reserve price from the estate agent or agent's representative.

A seller, by written response to a request under subsection (1) given to the estate agent or agent's representative, may—

accept the proposed reserve price with signed confirmation of that acceptance; or

reject the proposed reserve price and—

specify another reserve price with signed confirmation of that price; or

request another proposed reserve price is given to the seller in writing by the estate agent or agent's representative.

A reserve price specified in a request under subsection (1) or a response under subsection (3) must—

be expressed as a single dollar amount; and

not be modified by words or symbols.