NSW home listings will soon be required to display a price or price guide under proposed underquoting reforms aimed at improving transparency for buyers. Agents will also need to prepare a Statement of Information and follow stricter rules when setting estimated selling prices. Real estate agents say they largely support the changes, arguing they could improve buyer confidence and help manage unrealistic vendor expectations.
In an unusual show of agreement between buyers and the industry, real estate agents say they’re largely on board.
The reforms, aimed at improving transparency and cracking down on underquoting , will also tighten the way agents set estimated selling prices and require them to prepare a statement of information (SOI) containing key details about a property.
Domain understands NSW Fair Trading has told the industry the new underquoting requirements are expected to begin as early as November, while the SOI requirements are expected to take effect from February 2027, although the government has yet to announce a final commencement date.
However, the government has yet to announce an exact timeline for the rollout. In July, it said the reforms were expected to begin “towards the end of 2026”.
The changes come hot on the heels of Victoria’s new underquoting laws , which now require owners selling via auction or an expression-of-interest campaign to reveal the reserve price at least seven days beforehand.
Domain understands that consultation on the regulations has concluded with industry stakeholders.
REINSW chief executive Tim McKibbin says there is merit in giving agents a clearer process to follow – and buyers greater confidence about the homes they are considering.
“Nobody wants to waste their time and money looking at property they can’t afford,” he says, “so this is designed to be able to give purchasers the confidence about the property that they’re investigating.”
McKibbin acknowledges that allegations of underquoting are common, particularly in a hot property market, but adds he does not believe the problem is as widespread as some suggest.
“There are people, sadly, in all industries, all trades, callings and professions that do the wrong thing and bring their industry into disrepute, and sadly, we’ve got ours,” he says.
“But I don’t believe it to be the extent of the problem that some would have us believe; I don’t think that’s the case.”
The reforms could also give agents more ammunition when dealing with vendors whose price expectations do not match the market.
Century 21 agent Kate Lucas , based in Alstonville in north-east NSW, welcomes the reforms for that very reason.
She says the new estimated price-setting requirements will provide agents with a safeguard when sellers’ expectations don’t match market realities.
“I just find that I’ve experienced a few cases where the vendor was just unrealistic, and they’re not paying attention to the market and the market research and what we’re showing them,” Lucas says. “Even though we’ve laid it all out, they will still want a lot more than what it’s showing.
“I feel like it’s good that, in a way, we have … that new law that says, ‘Well, we can’t actually put your home at this amount without it matching what the market’s actually saying.’”
However, more price transparency can also mean agents receive fewer calls and inquiries from potential buyers, Lucas adds.
“So that’s a little bit unfortunate, but I know … all the buyers are just super happy that it’s coming,” she says.
Sydney-based agent Shad Hassen of The Agency says he doesn’t believe the mandatory price advertising laws represent a drastic shift from what agents are already doing.
“I don’t see it as a massive departure from where we already are,” he says. “I think it’s a good thing; it’s a positive thing.
“I think when change happens, people don’t like it; that’s the reality of it. So there are always going to be people that are totally against it … and I think that it’s going to change their business.
“But I think the reality is, if … you’re prepared to respond to an inquiry with a guide, then there’s no reason why you can’t display that guide.”
Ray White agency compliance manager Shaun Doyle says the real estate giant is already training its network around the reforms.
“We don’t have the draft regulations published yet, so we’ve only trained on what we’ve got available to us … but talking to NSW Fair Trading, we’re pretty certain that we know what is going to be fully passed,” he says.
The incoming reforms follow a number of law changes already put in place under the Property and Stock Agents Amendment (Underquoting and Other Agent Conduct) Act 2026.
Increased maximum court-imposed penalties were introduced under the legislation, with some offences such as dummy bidding carrying fines of up to $110,000 for corporations and $55,000 for individuals.
In a statement on the reforms package in June, NSW Minister for Better Regulation and Fair Trading Anoulack Chanthivong said the government’s focus was “a fair property market that works for everyone”.
“Our underquoting reforms will ensure home buyers aren’t wasting their valuable time and money during one of the most important moments of their lives,” he said.
Matt Hampson Matt is a Residential News Reporter based at Domain's Sydney office. He writes about the housing market and property issues impacting renters, mortgage holders and Australians hunting for their next, or first,
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