NSW home listings will have to show buyers a price guide

The days of scrolling through NSW property advertisements labelled “contact agent” or “price on request” are nearing an end, with incoming rules set to make a price or price range compulsory on residential listings.

Domain reported on Friday that the property industry is preparing for the next stage of the state’s underquoting reforms. The changes will affect online listings, social media promotions, emails and other advertisements arranged by a selling agent.

NSW Fair Trading has not announced the final commencement dates. Its published guidance says the measures are expected to begin towards the end of 2026, while Domain reported that some pricing requirements could start as early as November. The separate Statement of Information requirement may follow in 2027.

Buyers should therefore treat those dates as indicative until the NSW Government formally confirms the rollout.

What will appear in property advertising

Selling agents will generally have to include either a single selling price or a price range in advertising for residential property. Limited exemptions may be created through regulations, while a basic sign placed at the property will not have to display a price.

Agents will also have to prepare a Statement of Information containing relevant details about the property, including comparable sales used when estimating its likely selling price.

The statement, or a link to it, will need to appear with online advertising. It must also be displayed prominently at inspections and supplied to prospective buyers within two business days when requested alongside a contract for sale.

This should give buyers more information before they spend time travelling to inspections, ordering reports or arranging finance for a home that is outside their budget.

Price guides will have to keep pace with the campaign

The advertised figure cannot be lower than the agent’s estimated selling price. It also cannot fall below the highest registered bid at an auction where the property was passed in.

A further safeguard applies when a seller rejects a written offer solely because it is too low. Once the agent knows about that rejected offer, a lower figure cannot continue to be advertised as though it remains a realistic buying level.

Online advertisements will generally have to be corrected or removed within one business day when the relevant price changes. Other advertisements must be updated as soon as practicable.

That means buyers should still watch for revisions during a campaign. A guide shown when a property is first listed may move after inspections, offers or a failed auction provide new evidence about the market.

Comparable sales become more important

The reforms require agents to consider sold prices for comparable properties in accordance with prescribed requirements when setting or revising an estimate. They will also have to retain records supporting their work.

A comparable sale does not guarantee what another home will fetch. Condition, land size, outlook, parking, renovation quality and the urgency of competing bidders can all produce substantial differences between nearby properties.

However, a standard information statement should make it easier for buyers to question a guide that appears disconnected from recent results. Buyers can compare the agent’s examples with their own research and ask why a particular property is expected to sell above or below them.

Stronger consequences for agents

The first stage of the legislation commenced on 29 June 2026, increasing penalties and giving NSW Fair Trading stronger disciplinary powers.

Once the remaining provisions begin, the maximum court-imposed penalty for underquoting will be $110,000 or three times the agent’s commission, whichever is greater. Non-compliance with Statement of Information requirements can attract a maximum court-imposed penalty of $27,500.

The reforms will not force an owner to accept the advertised price, and buyers may still face competition that pushes a final result higher. Their main purpose is to make the advertised starting point more evidence-based and transparent.

What it means for you

• Buyers should look for both the advertised guide and the Statement of Information once the rules commence.
• Keep checking listings during a campaign because guides may need to rise after bids or rejected offers.
• Use the agent’s comparable sales as a starting point, not a substitute for independent research.
• Sellers should expect their agent to justify and regularly review the advertised price.