Vic auction reforms may backfire

The Law Institute of Victoria has claimed that the State Government's proposed changes to the Sale of Land Act may many have negative consequences for vendors. The bill, which will attempt to eradicate dummy bidding at auctions and other dubious practices, may mean that purchasers can withdraw from sales right up to settlement time. The proposed amendments to the Act could mean successful bidders at auctions may make allegations which would be time-consuming and costly for vendors to refute, the Institute said, even if the allegations are ultimately proven to be unfounded.