NSW to crack down on property underquoting, forcing sellers to publish price guides on all 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. Agents caught underquoting can now be fined $110,000 – five times the previous penalty – or three times their commission, whichever is greater. “Dummy bidding” will also attract a $110,000 fine. The NSW government says it will also legislate to force sellers to publish a price guide on all advertising, and require agents to publish a “statement of information” to help buyers understand how the price was calculated. This would include providing information about comparable sales and average prices. Agents will also be prohibited from advertising a property for