Big Changes Coming to NSW Real Estate

Buying a home in NSW could soon get a whole lot fairer. The NSW Government has announced plans to overhaul underquoting laws — cracking down on misleading price guides and making property listings more transparent.

What’s changing?

The reforms (now open for consultation) aim to stop buyers wasting time and money chasing homes that were never within reach. Key proposals include:

• Tougher penalties: fines for underquoting could jump from $22,000 to $110,000 — or 3x the agent’s commission.
• Clear price guides: every property ad must include a price or price range.
• Statement of Information (SOI): agents must show how the price was calculated, including comparable sales and suburb medians.
• Stricter advertising rules: no more price guides lower than rejected offers.
• Better record‑keeping: agents must keep evidence of offers, market feedback, and changing conditions.
• Stronger enforcement: breaches could be publicised, independent valuers may be brought in, and licences suspended.
• Professional standards: failing to meet ongoing training requirements will become a standalone offence.

These reforms are modelled on Victorian laws introduced in 2016, which have already led to millions in fines and are now widely accepted by the industry.

Legislation is expected to hit Parliament next year.