Name: Real estate agents face hefty fines for underquoting
Uploaded: 2025-11-13T06:32:13.649Z
Duration: 1 min 39 s
Description: Real estate agents in New South Wales could be fined $110,000 or more if caught underquoting properties under proposed laws intended to stamp out misleading price estimates and increase transparency for buyers.

Real estate agents in New South Wales could be fined $110,000 or more if caught underquoting properties under proposed laws intended to stamp out misleading price estimates and increase transparency for buyers.

Council of the City of Sydney

The New South Wales government is implementing reforms to address under-quoting in the real estate sector. The new laws require agents to provide clear, data-justified price guides for all property listings, with non-compliance resulting in fines up to $110,000 or three times the agent's commission.

A task force of 40 inspectors will monitor property listings and enforce the new regulations. The reforms also highlight the need for improved agent training and qualifications, aiming to protect buyers and ensure fairer property pricing.

Real estate agents face hefty fines for underquoting

The great Australian dream already comes at a hefty cost, even more so when you can't always guarantee that cost is fair and genuine. Reforms being put forward by the State Government aim to crack down on under-quoting by real estate agents and give buyers more confidence. Under-quoting has been an issue for the sector for a long time. Certainly I suspect in more metropolitan areas it's much more of an issue. The new laws require all property listings to have a clear price guide and the agent must be able to justify the figure based on property data. Those who don't comply risk a $110,000 fine or three times their commission, whichever is greater. The amount of under-quoting out there is not as much as I think consumers believe. A task force of 40 inspectors will be keeping an eye on listings and enforcing penalties. Crucially it's not just about how much a property sells for and if it's above the guide. Have they picked appropriate comparable properties to inform the setting of that price? Have they responded to an offer made to increase the price above what that offer was? Within the industry there are concerns under-quoting could be a result of inexperience or a lack of education with calls for better training and stronger qualifications for new agents. You're setting the person up to fail and you're setting the consumer up for disappointment. Mistakes that could be costly to a buyer but now could also cost the agent. Taylor Ryan, 10 News.

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