NSW bans underquoting with mandatory property price guides

New South Wales has introduced new laws requiring real estate agents to display an estimated selling price or price range on property advertisements, ending vague listings and targeting underquoting practices. The reforms mandate agents base estimates on comparable sales, update guides during campaigns, and face penalties up to $110,000 or three times commission for non-compliance. Advertisements must include prices by end of 2026. Buyers previously reported properties selling hundreds of thousands above guides, causing wasted time and frustration. Industry professionals say the changes increase transparency and trust, though agents note the final price still depends on market conditions.