{"id":757794,"date":"2026-06-24T19:54:35","date_gmt":"2026-06-24T19:54:35","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/757794\/"},"modified":"2026-06-24T19:54:35","modified_gmt":"2026-06-24T19:54:35","slug":"underquoting-at-auctions-to-see-real-estate-agents-fined-heavily-in-new-nsw-laws","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/757794\/","title":{"rendered":"Underquoting at auctions to see real estate agents fined heavily in new NSW laws"},"content":{"rendered":"

Dodgy real estate<\/a> agents will be hit with six-figure penalties for underquoting under new laws in NSW<\/a>.<\/p>\n

Underquoting involves a real estate agent advertising a property at a price which is lower than their reasonable estimate of its selling price.<\/p>\n

\"For<\/p>\n

The NSW government is cracking down on dodgy real estate agents.\u00a0Getty Images\/iStockphoto<\/p>\n

The aim is to attract more interest, which manufactures competition and pushes prices up<\/a>.<\/p>\n

The NSW government, in a bid to lift industry standards, will increase the fine for underquoting from $22,000 to $110,000, or three times the culpable agent\u2019s commission – whichever is greater.<\/p>\n

Businesses that engage in dummy bidding at auctions will have their penalties doubled from $55,000 to $110,000.<\/p>\n

A price or price guide will be mandatory on all advertising to better advise prospective buyers.<\/p>\n

Agents will also be required to publish a statement of information to help buyers understand how the selling price was calculated, including comparable sales and the suburb\u2019s median sale price.<\/p>\n

New and \u201cclearer\u201d guidelines will now inform the estimated selling price of a property, as calculated by agents.<\/p>\n

And agents will be forbidden from advertising a selling price lower than a previously rejected written offer or the highest unsuccessful bid at an auction.<\/p>\n

NSW Fair Trading has also been granted the power to force agents to publicly reveal when they break the rules, or to demand their price estimates be checked by an independent, qualified valuer.<\/p>\n

The same body also now controls training standards and can fine agents who don\u2019t complete the required professional development programs. <\/p>\n

Buyers, sellers, renters and landlords are encouraged to use the NSW Fair Trading Name and Shame Register to check the status and history of the real estate agent and strata manager they are engaging with.<\/p>\n

\u201cOur underquoting reforms will ensure homebuyers aren\u2019t wasting their valuable time and money during one of the most important moments of their lives,\u201d Minister for Better Regulation and Fair Trading Anoulack Chanthivong said.<\/p>\n

\u201cBecause whether you\u2019re buying your first home or are looking for somewhere with a bit more room for a growing family, you should know exactly what is or isn\u2019t in your budget.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Dodgy real estate agents will be hit with six-figure penalties for underquoting under new laws in NSW. Underquoting…\n","protected":false},"author":2,"featured_media":757795,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[64,63,99],"class_list":["post-757794","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-au","tag-australia","tag-business"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/757794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=757794"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/757794\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/757795"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=757794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=757794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=757794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}