Overview
- The Minns government has begun consulting on draft reforms to curb underquoting, with legislation expected to be introduced to parliament next year.
- Penalties would rise from the current $22,000 cap to $110,000 or three times an agent’s commission, a scaling model designed to deter misconduct on high-value sales.
- Agents would have to display a price or guide on all listings and publish a statement of information detailing how estimates were set, including comparable sales and suburb medians.
- NSW Fair Trading would gain stronger disciplinary powers, including publishing details of breaches, alongside a new standalone offence for failing to meet professional development requirements.
- The crackdown follows investigations and enforcement actions such as the suspension of agent Joshua Tesolin’s licence, with Fair Trading reporting more than 100 penalty notices in 2024, 89 investigations this year and over 40 inspectors in the field.