Soon, it will become mandatory for home sellers in New South Wales to include a price or price guide in advertisements for their properties listed for sale. This move aims to enhance transparency and provide more accurate information to buyers across more than half of the country.
The New South Wales government is set to introduce new legislation this week designed to curb price manipulation. These laws will require sellers to disclose a price or provide a clear price guide when listing homes for sale.
This step aligns with similar measures already implemented in Victoria. Both New South Wales and Victoria will require home sellers to disclose price guides, and together, these two states account for approximately 56% of Australia’s population, according to data from the Australian Bureau of Statistics.
Under the anticipated new laws, penalties for misleadingly low price listings will increase significantly—from $22,000 to $110,000, or three times the real estate agent’s commission, whichever is higher. In addition, fines for dummy bidding at auctions will double from $55,000 to $110,000.
Although these changes are intended to strengthen buyer protection, they have faced criticism from the Real Estate Institute of New South Wales. The institute’s CEO, Tim McKibbin, criticized the government’s approach to the sector, urging greater collaboration with the industry rather than making decisions independently. He also noted that the real estate sector was not sufficiently consulted during the development of these reforms.
