Proposed Chanes to NSW Underquoting Laws

The current NSW Government has announced proposed reforms to strengthen NSW’s underquoting laws, aiming to improve transparency, lift professional standards, and restore buyer confidence in the property market. The changes target misleading price guides that cause buyers to waste time and money pursuing properties beyond their budgets.

Key reforms under consultation include significantly higher penalties, mandatory price guides on all listings, required Statements of Information outlining how prices are calculated, stricter advertising and record-keeping rules, and stronger enforcement powers for NSW Fair Trading. The package also introduces tougher disciplinary actions and a standalone offence for failing to meet continuing professional development requirements.

Modelled on successful Victorian reforms, the changes are expected to be introduced to Parliament next year. These measures have been government says the measures will improve accountability, reduce misleading conduct, and help buyers make more informed decisions in an increasingly challenging property market.

How does this impact real estate professionals?
These reforms will require real estate agents to operate with greater transparency, accuracy, and accountability when pricing and advertising properties.

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