NSW Cracks Down on Property Underquoting with New Laws
New legislation introduced by the Minns government aims to significantly increase penalties for property underquoting in NSW, following ongoing issues in the real estate market.
The New South Wales government is taking action to address the persistent problem of property underquoting, introducing new legislation that will significantly increase penalties for this deceptive practice. The Minns government has recognized the need to protect consumers and restore transparency in the state's real estate market.
Underquoting occurs when a property is advertised at a price significantly lower than the seller's expected sale price, often to generate greater interest and competition from prospective buyers. This tactic can be highly misleading and frustrating for individuals searching for a home within a specific budget.
The proposed laws aim to crack down on this issue by increasing fines and introducing harsher penalties for real estate agents and sellers who engage in underquoting. By addressing this long-standing problem, the government hopes to improve the fairness and integrity of the property market in New South Wales.
Source: The Guardian
