Victoria’s New Auction Rules Will Force Reserve Prices Into the Open Victoria Auction Reserve Price Rules Explained

Victorian auction buyers will soon receive a piece of information that has traditionally been withheld until bidding reaches it: the vendor’s reserve price.

Under new property-sale and underquoting laws, agents must publish the agreed reserve at least seven days before an auction or fixed-date sale. Most changes begin on 1 October 2026 and apply to auctions and fixed-date sales held from 16 October.

The reserve must be presented as a single dollar amount. Advertising and the new Property Price Statement must be updated to match it, without qualifiers such as “from”, “over” or “starting at”. If the reserve has not been published seven days before the scheduled sale, the auction or fixed-date sale cannot proceed and penalties may apply.

For buyers, the immediate benefit is clearer budget discipline. A purchaser should be less likely to pay for inspections, strata reviews, contract advice and loan preparation on a property whose seller will not accept a price within the advertised range.

That does not mean the published reserve predicts the result. Competitive bidding may still carry a property far beyond it. Nor does it remove the need to value the property independently. The reserve is the seller’s minimum at that stage of the campaign, not an expert statement of market value.

The Statement of Information will be replaced by a more prominent Property Price Statement. Agents must disclose key features of the property and of the comparable sales used to support the quoted price. Where three appropriate comparables cannot be identified, one or two must be supplied if they exist.

Sold-price transparency will also increase. Agents must add the unconditional sale price to the Property Price Statement within seven days and keep that statement available publicly for at least 18 months, subject to limited exemptions including personal or family-violence concerns.

Later changes will require Section 32 vendor statements to be made available earlier, including at least 14 days before an auction or fixed-date sale from June 2027. From July 2027, agents will be prevented from taking commission from deposits released before settlement.

Vendors and agents will need to adjust campaign strategy. Setting a reserve earlier may reduce last-minute flexibility and make price expectations more visible to competing buyers. Some vendors may prefer private treaty campaigns, although those sales remain subject to broader pricing and disclosure laws.

For buyers, the practical response is not simply to bid up to the disclosed reserve. Use it as one data point alongside comparable sales, building and pest reports, owners-corporation records, planning constraints and finance approval. Decide on a maximum before the auction and do not confuse the seller’s minimum with your own valuation.

Key dates

– 1 October 2026: Most new rules commence
– 9 October 2026: First reserve disclosures may be required for sales on 16 October
– 16 October 2026: New reserve rules apply to auctions/fixed-date sales from this date
– 1 June 2027: Earlier Section 32 availability begins
– 1 July 2027: Restrictions on commission from released deposits begin
– 1 December 2027: Broader sold-price reporting to Consumer Affairs begins

There is a fundamental advantage in being able to walk through a newly built penthouse before deciding to buy it.

The purchaser can see how northern light moves through the living room, judge whether the terrace is large enough for entertaining and understand the real relationship between the interiors and the view. The quality of the stone, joinery and finishes no longer needs to be imagined from a sample board.

That certainty forms an important part of the appeal at Park Residences in Cremorne, where Lower North Shore specialist Abadeen has released the completed whole-floor penthouse for sale by expressions of interest.

Occupying the building’s uppermost level, the residence spans 295sqm on title, including a 74sqm wraparound terrace. It has three bedrooms plus a study, 2.5 bathrooms and private lift access, with its principal rooms oriented north towards the leafy surrounds of Cremorne and Middle Harbour.

The scale is intended to feel closer to a freestanding home than a conventional apartment. It is also the crowning residence in a completed collection of just 11 homes, giving the building a degree of privacy increasingly difficult to find in larger residential developments.

A penthouse designed from the inside out

The penthouse is the product of a collaboration between Abadeen founder and executive chairman Justin Brown and designer and curator Jack Freeman, founder of FREEMAN & CO.

Their brief extended beyond specifying premium finishes. The intention was to create an established private residence — a home with warmth, art and individual pieces — rather than an immaculate but impersonal display apartment.

“The experience begins the moment the lift doors open,” Brown says.

“You’re welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.”

Brown says that when someone walks through the front door, they pause.

“It’s not just the view, it’s the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly. It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living.”

Freeman’s approach is based on the idea of collecting rather than decorating. Furniture, lighting and art are selected for their form, provenance and relationship to the architecture, producing an interior that appears to have developed over time.

At Park Residences, the curation includes furniture by Parisian design house Pierre Augustin Rose and the sculptural Ball and Shade pendant by London studio Square in Circle.

These international pieces sit within an architectural framework of oak flooring, marble surfaces, full-height glazing, integrated joinery and a feature fireplace.

The result is restrained but not anonymous. Curved and sculptural furniture softens the apartment’s clean architectural lines, while art and distinctive lighting introduce points of personality. Natural stone and timber give the rooms a tactile quality that is intended to age more gracefully than a heavily trend-driven palette.

Northern light as an architectural material

The penthouse’s north-facing orientation is central to the experience.

Floor-to-ceiling glazing brings daylight deep into the principal living spaces and frames a view across the surrounding treetops towards Middle Harbour. Instead of the harder glare and heat that can accompany a western outlook, the northern aspect provides more consistent light through the day.

That light also changes the character of the materials. Marble, timber, upholstery and metalwork become more expressive as shadows move across their surfaces.

The main living and entertaining spaces connect directly with the wraparound terrace, extending the usable footprint of the home and giving different parts of the interior access to the outlook.

At 74sqm, the terrace is conceived as a genuine outdoor living area rather than a narrow apartment balcony. It provides space for dining, informal seating and entertaining while preserving the elevated perspective over Cremorne’s greenery.

The fireplace gives the living room a counterpoint during cooler months, helping the large, glazed space retain warmth and intimacy after dark.

The appeal of a whole-floor residence

A penthouse occupying an entire level offers more than additional floor area.

It can provide separation from neighbouring apartments, greater control over orientation and windows on multiple sides of the building. Private lift access also creates a more deliberate sense of arrival and removes the usual transition through shared residential corridors.

At Park Residences, those attributes are combined with a boutique building of only 11 residences.

The comparatively small number of homes should appeal to buyers moving from substantial houses who want less maintenance without accepting the density or anonymity of a large apartment tower.

That downsizer market has become an important audience for luxury developments across Sydney’s established suburbs. Many buyers are not necessarily seeking smaller living spaces; they want to relinquish gardens, external maintenance and ageing houses while retaining room for family, guests, work and entertaining.

The Park Residences penthouse responds to that expectation with three bedrooms, a separate study, generous living areas and an outdoor space large enough to function as another room.

Cremorne beyond the harbour view

The penthouse is positioned at 2 Sutherland Street, opposite Cammeray Golf Club and close to Cammeray Croquet Club and Grand Slam Tennis Cammeray.

Neutral Bay Village, its cafés, restaurants and shops are approximately 650 metres away, according to Abadeen’s campaign material. The Oaks Hotel is also within walking distance, while the Sydney CBD remains readily accessible by road and public transport.

This combination of outlook and convenience is an important part of the proposition.

The residence is elevated above a green Middle Harbour landscape, but it is not isolated from everyday services. For an owner-occupier, the ability to walk to coffee, dining and shopping can matter as much as the panoramic view.

The advantage of buying completed

Off-the-plan purchasing necessarily involves interpretation. Buyers assess architectural drawings, renders, finish schedules and display suites before committing to a residence that may not be completed for several years.

A finished penthouse removes much of that abstraction.

Prospective buyers can test the privacy, sound, natural light, outlook and proportions themselves. They can also assess whether the interiors and furniture curation align with the way they want to live.

This is particularly relevant at the premium end of the market, where the emotional response to a residence can be as important as its specifications.

Park Residences is not selling the promise of what its penthouse may eventually become. The rooms, terrace, view and material detail are already there to be experienced.

The Penthouse at Park Residences is being offered for sale by expressions of interest through SRM Residential. Private inspections are available by appointment.

At a glance

Property: The Penthouse at Park Residences

Address: 2 Sutherland Street, Cremorne, NSW

Developer: Abadeen

Architecture: MHNDU

Interior curation: Jack Freeman and FREEMAN & CO

Building: Boutique collection of 11 completed residences

Title area: 295sqm

Terrace: 74sqm wraparound entertaining terrace

Accommodation: Three bedrooms plus study

Bathrooms: 2.5

Aspect: North-facing

Outlook: Across Cremorne’s leafy surrounds towards Middle Harbour

Access: Private lift entry

Selected design pieces: Pierre Augustin Rose furniture and the Ball and Shade pendant by Square in Circle

Sales method: Expressions of interest

Selling agency: SRM Residential

Project contact: 1800 700 880

Victoria’s New Auction Rules Will Force Reserve Prices Into the Open

The completed penthouse at Park Residences showcases a considered approach to luxury apartment living, combining northern light, curated interiors and the privacy of a whole-floor residence.