A reserve price is simply the minimum price the owner will definitely sell at!

At envirorealestate.org.au - a reserve price is specified by the seller at the time of listing. It is an indication of the minimum price the property owner will definitely sell at. Until this price is met the seller has the right not to sell.

This is not to say that if the reserve is not met, prospective bidders have no hope of purchasing the property. Typically, if an auction finishes at a price below the reserve it would be up to negotiations between the highest bidder and seller to potentially finalise a sale.

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