NSW Cracks Down on Real Estate Underquoting With New Laws
NSW to introduce laws forcing sellers to publish price guides, with hefty fines for agents engaging in underquoting or dummy bidding to create a 'fair property market'.
NSW is set to introduce new laws this week aimed at cracking down on the practice of property underquoting, a tactic often used by real estate agents to inflate interest in listings by providing misleading price estimates. Under the proposed legislation, sellers will be required to publish a price guide on all advertising, while fines for underquoting and 'dummy bidding' will increase fivefold to a hefty $110,000.
The government says the draft laws, first flagged last year, are part of a broader effort to create a 'fair property market' and ensure buyers have access to accurate information when making one of the biggest financial decisions of their lives. Underquoting has long been a contentious issue in the real estate industry, with agents often accused of quoting unrealistically low prices to drum up interest and competition from potential buyers.
