NSW agents told to prepare for price on every ad as underquoting complaints top 40 per cent

NSW Fair Trading has told property professionals to start reviewing their sales practices now ahead of the next stage of the state's underquoting reforms, which will require a current selling price or price range on every residential property advertisement, as its latest figures show underquoting accounted for more than 40 per cent of property sales complaints in the June quarter.

The regulator set out the requirements in the October edition of its Property Matters bulletin. It said the reforms are being introduced in stages, with some changes already in effect and further requirements expected to commence in the coming months. It has not yet published a commencement date for the next stage.

Under that stage, agents selling residential property will have to include a current selling price or price range on all residential advertisements, and follow prescribed processes when setting and revising estimated selling prices, including how comparable sales are used. They will also have to keep records supporting the accuracy of the estimate throughout the campaign, including how buyer feedback is recorded and applied, and prepare a Statement of Information detailing comparable sales, which must be available to prospective buyers. NSW Fair Trading said agents will need to update advertising promptly when pricing information changes.

The record-keeping requirement is likely to be the most demanding in practice. It turns the estimate into something an agency must be able to justify with documents at any point in a campaign, not only at the listing appointment.

The regulator has held stronger enforcement and disciplinary powers since June 2026, along with increased penalties for a range of offences under property and stock agent laws.

Its complaints data shows why underquoting is the focus. NSW Fair Trading received 203 complaints and 309 enquiries about property sales between 1 April and 30 June 2026, up from 174 complaints and 87 enquiries in the first quarter. More than 40 per cent of the complaints related to underquoting, and alleged breaches of the Rules of Conduct by selling agents accounted for a further 25 per cent. Across the property and rental sectors in the same quarter, the regulator issued 128 fines totalling $335,370 and 464 warnings, along with 32 reprimands and one disqualification.

NSW Fair Trading Commissioner Natasha Mann said the bulletin was designed to help the industry prepare. "This edition of Property Matters highlights the significant work underway and the practical steps industry professionals, owners corporations and landlords can take to prepare. This includes new requirements to address underquoting and improve price transparency," Ms Mann said.

The same edition reminds agents that they must not provide legal advice or change contracts for sale without appropriate authority, including at or around auctions. The regulator said solicitors and licensed conveyancers have primary responsibility for advising on contract terms, and urged agencies to make sure staff know when legal advice or conveyancing services are required. Guidance, tips and compliance templates for the underquoting reforms are on the NSW Fair Trading website, with further resources promised before commencement.