The NSW government says they will introduce new laws this week targeting misleading property advertising.
Should Labor’s amendments pass, sellers will have to include a price guide in all property ads and real estate agents will face significantly increased fines for underquoting.
The government wants the penalty increased to $110,0000 or three times the agent’s commission, whichever is higher.
The same fine would also apply for the offence of ‘dummy bidding’, a practice the government says describes fake bids used to inflate prices.
Labor’s bill includes a new rule for real estate agents to publish a statement of information showing how a property’s price is calculated.
The information would include details like recent sales in the area and average prices.
Agents would also be banned from advertising a property for a lower price than has previously been rejected.
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