Property update · NSW
NSW’s new underquoting laws: what changes on 17 November 2026
From 17 November, every residential sale ad in NSW must show a price or price range, and agents face new rules on how they set it. Here’s what changes, when, and what it means for buyers and sellers.
NSW’s tougher underquoting laws start on Monday 17 November 2026. ‘Contact agent’ and ‘price on application’ disappear from residential sale ads. Agents must base their price on actual comparable sales, and they can’t advertise below certain offers or bids once they’ve been made.
A second stage follows on 8 February 2027, when agents must start providing buyers with a Statement of Information showing how the price was worked out. Higher penalties for dummy bidding and other offences have applied since 29 June 2026.
This update explains each change, based on NSW Fair Trading’s summary of the reforms, and what it means if you’re buying or selling.
Key takeaways
- From 17 November 2026, residential sale ads arranged by agents must include a selling price or price range.
- Agents can’t advertise below their estimated selling price, the highest bid at a passed-in auction, or a written offer rejected only because it was too low.
- Estimated selling prices must be based on the three most comparable recent sales, and agents must keep records.
- The maximum court penalty for underquoting rises to $110,000 or three times the agent’s commission, whichever is greater.
- From 8 February 2027, agents must provide a Statement of Information with the comparable sales behind the price.
On this page
- What changes and when
- A price in every ad
- What about existing listings?
- The price floor: what agents can’t advertise below
- How agents must set the estimated selling price
- The Statement of Information from 8 February 2027
- Penalties and enforcement
- What it means if you are selling
- What it means if you are buying
- Frequently asked questions
What changes and when
| Date | What changes |
|---|---|
| 29 June 2026 (already in force) | Higher penalties for offences such as dummy bidding, new Fair Trading disciplinary powers |
| 17 November 2026 | Price or price range in every residential sale ad, a price floor on advertising, new rules for setting the estimated selling price, higher underquoting penalties |
| 17 November 2026 to 7 February 2027 | Transition period, with Fair Trading setting out its enforcement approach in a Statement of Regulatory Intent |
| 8 February 2027 | Statement of Information for buyers, for agency agreements entered into from that date |
A price in every ad
From 17 November, agents must include a selling price or price range in residential sale ads they arrange. That includes online listings, social media and email. Online ads that no longer comply must be updated or removed within one business day. Other ads, such as brochures, must be updated as soon as practicable.
Some existing rules still apply. If the price is a range, the top can’t be more than 10% above the bottom, so $900,000 to $990,000 is fine but $900,000 to $1 million isn’t. Agents also can’t use ‘offers over’, ‘offers above’ or a ‘+’ sign, according to the NSW Government.
A few practical details
- A QR code is acceptable if it links to the advertised price.
- Signs on the property don’t need a price, unless they show one.
What about existing listings?
The start date works differently for new ads, ads already running and the agent’s pricing method.
| Situation | What applies |
|---|---|
| Ads published on or after 17 November | Must show a selling price or price range |
| Ads published before 17 November | Don’t have to add a price. But if they show one, it must be updated or removed if the estimate is revised, the property is passed in at auction, or a written offer is rejected because it was too low. |
| Agency agreements signed on or after 17 November | The new comparable sales method and record-keeping rules apply |
| Agency agreements signed before 17 November | The new rules apply once the agent revises the estimated selling price |
Fair Trading encourages agents to add a price to existing ads anyway. The Statement of Information applies to agency agreements entered into from 8 February 2027. See NSW Fair Trading’s summary for the detail.
The price floor: what agents can’t advertise below
This is the change sellers most need to understand. From 17 November, an agent must not advertise or quote a price lower than any of these:
- The agent’s estimated selling price in the agency agreement
- The highest bid by a registered bidder at an auction where the property was passed in
- A written offer the seller rejected only because it was too low
- A price the seller has said they won’t accept
So if you turn down a written offer of $1.1 million because it isn’t enough, your agent can no longer advertise the property below $1.1 million. Agents must also tell sellers about offers that require the price to be revised, even if the seller has asked not to be told about offers.
How agents must set the estimated selling price
Agents have always had to include a reasonable estimate in the agency agreement. From 17 November there’s a set method for working it out.
| Area | Comparable sales to consider |
|---|---|
| Metropolitan | Sales within 2 km in the previous 6 months. If there are fewer than three, the search extends to 12 months, favouring the most recent sales. |
| Non-metropolitan | Sales within 5 km in the previous 18 months |
From those sales, the agent must identify the three most comparable properties, considering factors such as location, size and features.
Before you sign an agency agreement, the agent must give you written notice of the estimated price with evidence that it’s reasonable. If they revise it, they must give you written notice of the old and new prices, again with evidence. They must also keep records of the sales they considered, why they chose the three most comparable, and the offers, rejections and buyer feedback during the campaign.
The Statement of Information from 8 February 2027
The second stage applies to residential sales where the agency agreement is entered into from 8 February 2027. The agent must prepare a Statement of Information in Fair Trading’s approved form, including the comparable sales behind the price.
- It must be included in, or linked from, online ads.
- It must be displayed prominently at inspections.
- A buyer who asks for a copy must get one within 2 business days.
- It must be revised within 2 business days when the estimated price and comparables change.
Victoria has had a similar statement for years. In NSW it will give buyers the evidence behind a price guide for the first time.
Penalties and enforcement
The maximum court penalty for underquoting rises to $110,000 or three times the agent’s commission, whichever is greater. Fair Trading can also issue disciplinary fines of up to $27,500 for individuals and $55,000 for corporations.
Since 29 June 2026, penalties for some other offences, including dummy bidding, have been up to $110,000 for a corporation and $55,000 for an individual. Fair Trading can now also publish misconduct, require an agent’s estimated selling price to be verified, suspend agents from sales work and direct further training. The NSW Government confirmed the start dates on 1 November 2026.
What it means if you are selling
Your agent’s estimate now carries more weight, because it sets the lowest price they can advertise. Talk it through before you sign the agency agreement and ask to see the comparable sales behind it.
Think carefully before rejecting an early written offer purely on price. If you do, it becomes the new floor for advertising. The real estate industry has warned this could make it harder to adjust price expectations if the market softens during a campaign. How much that matters in practice is still to be seen once the rules are running.
Our guide to selling a house in NSW covers what to sort out before you list, including the agency agreement.
What it means if you are buying
You’ll see a price on every listing, backed by real sales data, and from February you’ll be able to check the evidence. That should cut down on wasted inspections and auctions.
A price guide is still a guide. It isn’t the seller’s reserve, and properties can still sell above it when buyers compete. A sale above the guide doesn’t on its own mean the agent underquoted. Set your limit from your own research and your finance, and get the contract reviewed before you bid. Our guide to buying at auction in NSW explains how to prepare.
If you think a property has been underquoted, you can report it to NSW Fair Trading.
Frequently asked questions
When do the new NSW underquoting laws start?
The main changes start on 17 November 2026. The Statement of Information starts on 8 February 2027, for agency agreements entered into from that date.
Do the new rules apply to properties already on the market?
Partly. Ads already running before 17 November don’t have to add a price, but any price they show must be updated if the estimate changes, the property is passed in or a written offer is rejected as too low. The new pricing method applies to older agency agreements once the agent revises the estimate.
Can agents still advertise ‘contact agent’ from 17 November?
No. Residential sale ads arranged by agents must include a selling price or price range. A QR code that links to the price is acceptable.
How wide can a price range be?
The top of the range can’t be more than 10% above the bottom. For example, $900,000 to $990,000.
Does the seller have to disclose the reserve?
No. The price guide reflects the agent’s estimate. It isn’t the reserve, and the property can sell above it.
What happens if I reject an offer because it’s too low?
From 17 November, if you reject a written offer only because it’s too low, your agent can’t advertise the property below that amount.
Selling or buying under the new rules?
Talk to our property team
Property & Conveyancing
Our team can review your agency agreement and the agent’s estimated selling price before you sign, advise on offers during the campaign, and review the contract before you exchange or bid.
This article is general information only and is not legal advice. It reflects NSW law at the date of publication. Please contact us for advice about your circumstances.
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