14/04/2026
Special Report
The NSW Government has taken further steps to counter underquoting in the property market.
The new laws are decisive and will impact the market in many unintended ways, for buyers, sellers and real estate agents.
Make no mistake the Government’s latest attempt to counter underquoting could inadvertently punish those not paying attention.
When the rules are changed, the way the game is played changes too.
Consumers currently transacting in the market are well advised to remain vigilant.
In a press release, the Government stated:
“The (proposed) laws are designed to ensure home buyers can be confident they are not being ripped off when looking for their next home. The reforms will crack down on misleading price estimates in property listings, known as underquoting, by imposing new obligations on real estate agents, improving transparency in property listings and boosting NSW Fair Trading’s enforcement powers.”
Penalties for agents convicted of underquoting will rise from $22,000 to $110,000.
How effective this measure is or is not, in deterring agents from underquoting, will become evident over time.
In the meantime, the new laws that consumers, particularly vendors, need to consider are:
• Double penalties for dummy bidding auctions from $55,000 to $110,000.
• Mandate a price or price guide on all advertising, so prospective buyers don’t waste their time on properties that are outside of their budget.
• Require agents to publish a Statement of Information (SOI) to help buyers understand how the selling price was calculated, including comparable sales and the suburb’s median sale price.
• Require agents to calculate and revise the estimated selling price of a property in accordance with new, clearer guidelines.
• Prohibit agents from advertising a sale price lower than a previously rejected written offer or the highest unsuccessful bid at an auction.
Each of these laws will have a varying impact on how real estate is transacted.
Read more here https://bit.ly/RERApril2026Issue219
