Changes to Auction Guide Price System

In relation to the long-running controversy over the publication by selling estate agents of unrealistically low guide prices, the report recommends that the only price level that a seller be allowed published in relation to a house for sale by auction, tender or private treaty would be the advised minimum value. "The advised minimum value is the auctioneer's true opinion of value at the commencement of the marketing campaign, as given in writing by the auctioneer to the seller on an obligatory basis."

It is not clear, however, whether there would be any mechanism to ensure this minimum value is a true reflection of the auctioneer's estimate of the property's real worth.

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