Minns Government Targets Property Underquoting with Massive Fine Hike & Transparency Overhaul
Sydney,13 November,2025
News report based on NSW Government Media release and other sources
Sydney, NSW – The Minns Labor Government announced a sweeping crackdown on property underquoting today, with new reforms set to dramatically increase penalties for misleading price estimates and mandate unprecedented transparency in real estate advertising.
The proposed changes, which kick off a consultation process, are designed to boost buyer confidence and prevent prospective homeowners from wasting time and money on properties listed well below their actual expected selling price.
Hefty Fines and Stronger Enforcement
The cornerstone of the proposed legislation is a staggering increase in the financial punishment for agents caught underquoting.
The maximum penalty is set to jump from the current $22,000 to a minimum of $110,000, or three times the agent’s commission, whichever is greater.
Minister for Better Regulation and Fair Trading Anoulack Chanthivong stated:
“There is broad recognition not only from buyers, but across the property industry, that stronger underquoting laws are needed to restore trust and improve transparency in property sales.”
The government’s message is clear: the era of token fines is over. The NSW Fair Trading Commissioner will also be given enhanced disciplinary powers, including the ability to:
- Publicise any underquoting breaches.
- Require independent valuers to certify estimated selling prices.
- Suspend an agent’s property sales activities under their licence.
Auction sign and property in Enmore,Photo Credit A.Ritenis
Mandating Price Guides and Detailed Disclosure
To directly address the issue of buyers pursuing homes outside their budget, the government plans to enforce stricter advertising rules:
- Mandatory Price Guides: Agents will be required to publish a price or price guide on all advertising for properties listed for sale.
- Statement of Information (SOI): Agents must publish a new Statement of Information, which will provide prospective buyers with a breakdown of how the selling price was calculated. This includes relevant comparable sales and the suburb median price.
- Clearer Guidelines: Real estate agents will be required to calculate and revise the estimated selling price according to new, clearer guidelines issued by NSW Fair Trading.
NSW Strata and Property Services Commissioner Angus Abadee noted the consumer benefit, saying,:”The proposed Statement of Information and advertising rules will help buyers make informed decisions and reduce wasted time and money—a win for consumers already struggling with cost of living pressures.”
Closing Advertising Loopholes
The reforms also target common loopholes used to perpetuate misleading pricing:
- Rejected Offers: Agents will be prevented from advertising a selling price that is less than a rejected offer or bid on the property. This ensures the advertised price accurately reflects known market interest.
- Record-Keeping: Agents face strengthened record-keeping obligations, requiring documented evidence of market feedback, offers made and refused, and consideration of changing market conditions. This will significantly aid Fair Trading in enforcing the new laws.
The move follows an active year for the Strata and Property Services Taskforce, which issued more than 100 penalty notices for underquoting offences in 2024.
The proposed legislative package has been modelled on successful Victorian laws introduced in 2016, which have resulted in millions of dollars in fines and are now widely accepted within the industry.
Legislation to implement the changes is expected to be introduced to Parliament next year following the consultation period.
