T
he NSW government is tightening its grip on real‑estate agents who under‑quote property values. An investigation uncovered a sale that fetched 150 % more than the listed price. As a result, 25 agencies received “Please explain” notices for misleading price estimates on recently sold homes, while 15 others face formal investigations. A further 50 agents received caution letters after potential under‑quoting was flagged.

    Through Operation Sunlight, NSW Fair Trading launched the Anytime, Anywhere audit tool, which scans sales records to spot discrepancies between advertised and final prices. Inspectors reviewed documents for sold properties, finding one that sold for more than double its advertised value. They have now requested files from dozens of agencies covering 250 sales. Required submissions include market analyses, vendor and buyer correspondence, and auction bidder records.

    This year the taskforce completed 164 audits, fining 33 agents $2,200 each. Minister Anoulack Chanthivong said the operation shines a light on unlawful practices, protects honest agents, and boosts industry transparency. He highlighted new reforms that enable real‑time enforcement of under‑quoting.

    The government plans to overhaul under‑quoting laws, imposing penalties up to $110,000 or three times an agent’s commission. It also proposes mandatory price guides on all ads and a public statement explaining how selling prices are determined.