NSW to crack down on property underquoting, forcing sellers to publish price guides on all listings

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The New South Wales government is introducing legislation requiring property sellers to publish price guides on all listings, targeting the widespread practice of underquoting by real estate agents. Fines for underquoting and dummy bidding will increase fivefold to $110,000 to promote a fairer property market. The reforms aim to protect buyers from misleading price estimates designed to inflate interest in listings.

Underquoting and ‘dummy bidding’ will attract fines of $110,000 in bid to create a ‘fair property market’ Follow our Australia news live blog for latest updates Get our breaking news email, free app or daily news podcast The New South Wales government will introduce new laws this week to force property sellers to publish a price guide on all advertising, and impose a fivefold increase to fines for underquoting real estate agents. The government says the draft laws, first flagged last year, are aimed at cracking down on agents providing misleading price estimates on property listings, a practice often used to inflate interest. Continue reading...