Hi Amit,
I have recently done my first of three phases of Sale of Land here at Wollongong. I assume you are talking about setting the reserve price for public auction.
Under the Act you are notice required to set a reserve, but here at Wollongong we had a private valuation done on the 6 properties, considered the UCV from the valuer general and most importantly the rates outstanding. As all you are really trying to achieve is to clear the debt.
Hope this helps
