NSW Tougher Rules and Fines for Real Estate Agents on Underquoting and Conduct

Property and Stock Agents Amendment (Underquoting and Other Agent Conduct) Bill 2026

4 Aug 2026: Passed by Parliament and signed off by the governor.

This bill kicks in: TBA

Legislative Assembly

Legislative Council

Assent

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Topics

agency agreements housing market property sales real estate residential property underquoting

Introduced by: The Hon Anoulack Chanthivong MP (ALP); The Hon Penny Sharpe MLC (ALP)

Links to official parliament websites

Official page: progress through parliament

Official page: bill text and explanatory notes

Effects of this bill

If this bill passes, it means that:

Real estate agents must record an estimated selling price (ESP) for any residential property in their agency agreement. This is the minimum price they can advertise.
Agents must include a price or price range in online and other advertisements for residential property (except for signs placed on the property itself).
It is an offence to advertise a residential property at less than the ESP, less than the highest bid at a passed-in auction, or less than a written offer rejected only because it was too low.
Agents must revise the advertised price upward after the property is passed in at auction, after a written offer is rejected for being too low, or after the ESP is revised.
Penalties for underquoting offences are increased.
New disciplinary actions are available against agents who break the rules: monetary penalties payable to the compensation fund, mandatory public breach notices, suspension from certain licensed functions, and requirements to use an independent valuer to verify prices at the agent's own cost.
The Fair Trading Secretary can issue education notices to agents for contraventions, as an alternative to formal disciplinary proceedings.
It becomes an offence to impersonate an authorised officer under the Fair Trading Act, Property and Stock Agents Act, or related strata legislation.

The Debate

What different members said when this bill was debated:

Chris Rath LIB

“I speak on behalf of the Opposition to indicate its support for the Property and Stock Agents Amendment (Underquoting and Other Agent Conduct) Bill 2026. When I was asked to lead for the Opposition in debate on the bill, I had no idea why. I thought the property and stock agents amendment bill had something to do with cattle.”

Official source →

Tania Mihailuk IND

“I state from the outset that I support the Property and Stock Agents Amendment (Underquoting and Other Agent Conduct) Bill 2026, while noting that it has taken nearly a whole term of government for this Minister to finally take some form of meaningful action on the fact that some real estate agents—and it is important to make a distinction that it is a very small percentage—have been getting away …”

Official source →

Cate Faehrmann GRN

“As The Greens spokesperson on fair trading and building, I contribute to debate on the Property and Stock Agents Amendment (Underquoting and Other Agent Conduct) Bill 2026. The Greens will support the bill as it is a modest but meaningful step forward in addressing underquoting and strengthening professional standards in the property sector.”

Official source →

Rachel Merton LIB

“I support the Property and Stock Agents Amendment (Underquoting and Other Agent Conduct) Bill 2026. This is a commonsense bill that addresses a real problem affecting real people in communities across New South Wales. Home ownership is one of the most important aspirations in our society. A lot of young people aspire to it and are experiencing the real estate market and its current rules.”

Official source →

Emily Suvaal ALP

“Chris Rath, the Hon. Tania Mihailuk, Ms Cate Faehrmann and the Hon. Rachel Merton. I thank the members for their support of the bill. The bill will make the residential property market fairer by targeting underquoting by real estate agents. Underquoting misleads buyers and causes them to waste time and money on pursuing properties that are outside their price range.”

Official source →

News articles and press releases

Property and Stock Agents Amendment (Underquoting and Other Agent Conduct) Bill 2026

Mr ANOULACK CHANTHIVONG, Minister for Better Regulation and Fair Trading — 2026-03-18

Underquoting undermines trust in the real estate industry and misleads consumers about property prices. It causes consumers to repeatedly pursue properties they never had a realistic chance of purchasing. Underquoting occurs when agents advertise or make representations about the price of residential property for less than the estimated selling price set out in the agreement that they have with the vendor.