NSW to force price guides on property listings and raise underquoting fines

The New South Wales government will introduce new laws this week requiring sellers to publish a price guide on all advertising and increasing penalties for underquoting by fivefold. Agents caught underquoting can now be fined $110,000 or three times their commission, whichever is greater, and “dummy bidding” will also attract a $110,000 fine.

The changes would make agents publish a “statement of information” explaining how a price was calculated, including details on comparable sales and average prices, and bar advertising a property at a lower price than one previously rejected. The move follows momentum around the country for tighter regulation of the real estate sector.

The Victorian government announced similar disclosure rules last week, and if re-elected, Labor in Victoria says it would require vendors to pay for mandatory building and pest inspections. NSW fair trading minister Anoulack Chanthivong said the government wanted “a fair property market that works for everyone”.

Australia, New South Wales

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