Changes to property and stock agents laws

New laws are commencing in two stages

Changes to the property and stock agents laws are being made by the Property and Stock Agents Amendment (Underquoting and Other Agent Conduct) Act 2026.

Some of the changes started on 29 June 2026. The other changes will start on a date to be announced, which is currently expected to be towards the end of 2026.

Changes that started on 29 June 2026

The new laws that started on 29 June 2026 increase penalties for various offences and strengthen NSW Fair Trading's enforcement powers. 

The key changes are: 

Increased maximum court-imposed penalties

The new laws increase maximum court-imposed penalties for many offences under the property and stock agents laws.

These penalties reach up to $110,000 for a corporation and $55,000 for an individual for some offences, including for acting as an agent without a licence, dummy bidding at auctions, and mishandling trust money.

There is also a new maximum court-imposed penalty of $11,000 for agents or assistant agents not complying with continuing professional development requirements.

New disciplinary powers to respond to misconduct

NSW Fair Trading has new disciplinary powers to respond to an agent's or assistant agent's misconduct, including being able to:

• require a person to publicise their misconduct
• require a licensee in charge or an independent valuer to verify an agent's estimated selling price
• suspend an agent from undertaking certain activities, such as property sales activities
• require a person to indemnify the Property Services Compensation Fund.

NSW Fair Trading will need to consider an agent's or assistant agent's previous offences and other non-compliance when determining what disciplinary action to impose.

NSW Fair Trading also has a new power to direct an agent or assistant agent to undertake specified further training or education by a specified date. NSW Fair Trading can do this if the Fair Trading Commissioner reasonably believes they have not complied with the property and stock agents laws or a condition of their licence or certificate of registration.

New powers over agency agreements

The Fair Trading Commissioner has the power to approve standard forms of agency agreements.

The new laws also enable requirements for how agency agreements are kept to be prescribed in the regulations.

New offence of impersonation

The laws introduce a new offence for impersonating a Fair Trading officer, with a maximum court-imposed penalty of $110,000.

Changes expected to start later in 2026

Further changes will commence on a date to be announced, which is currently expected to be towards the end of 2026.

These changes are starting later as supporting regulations and forms need to be prepared before they can start.

The key changes will be: 

Setting an estimated selling price

The laws will require agents to consider the sold prices of comparable properties in accordance with prescribed requirements, when determining and revising their estimated selling prices.

Agents will also need to ensure that their estimated selling price for a property is, and remains, a reasonable estimate of the likely selling price of the property, as currently required.

They will also need to keep certain records in relation to determining or revising their estimated selling prices.

Preparing a Statement of Information

Agents who are engaged to sell a residential property will be required to prepare a statement of information for the property (Statement of Information).

The Statement of Information will need to be in the approved form that will be published by NSW Fair Trading and will contain certain information relevant to the property, including comparable sales identified by the agent.

Displaying the Statement of Information

Agents will be required to include the Statement of Information for a property (or a link to a copy on a website) in online advertisements for the sale of the property. This will apply to advertisements published on a website, social media platform or application, or sent by email or other electronic communication.

Agents will also be required to display the Statement of Information in a prominent place at inspections of the property and provide a copy of the Statement of Information to prospective buyers within 2 business days if they request it or a copy of the contract for sale.

Including a selling price or price range on advertisements

Agents will need to include a selling price or price range in advertisements for the sale of residential property that agents arrange to be published, including (but not limited to) advertisements distributed via websites, social media platforms, applications, email or other electronic communication.

This requirement will not apply to a sign that indicates a property is for sale and is placed on or adjacent to the property. The regulations may provide for other limited exemptions from this requirement. However, if a for sale sign or other type of exempted advertisement does include a selling price or price range, it will need to comply with the new requirements for advertised selling prices.

Limits on the advertised selling price

The laws will prohibit agents from advertising or representing selling prices for residential property that are lower than any of the following:

• the agent's estimated selling price
• the highest bid that the agent knows, or ought reasonably to know, was made by a registered bidder at an auction at which the property was passed‑in
• a written offer to purchase the property that the agent knows, or ought reasonably to know, was rejected by the seller only for the reason that the amount offered was too low (that is, it was not rejected for other reasons, for example, conditions attached to the offer).

If the advertised selling price is expressed as a price range, the lowest price in the range must not be lower than any of these amounts.

Agents will also need to update, or remove, advertisements to ensure they remain compliant with these requirements – they will need to do this within one business day for online advertisements and as soon as practicable for other advertisements.

New and increased penalties for non-compliance

There will be new penalties for:

• underquoting - maximum court-imposed penalties of $110,000, or three times the agent's commission, whichever is higher
• statements of information - a maximum court-imposed penalty of $27,500 for non-compliance with the new statement of information requirements.

NSW Fair Trading will also be able to impose increased monetary penalties as a disciplinary action:

• $27,500 for individuals
• $55,000 for corporations.

Changes for Continuing Professional Development (CPD) providers

The laws will introduce a new framework for Fair Trading's approval of providers of continuing professional development training to property agents and assistant agents.

It will include a maximum court-imposed penalty of $11,000 that may be imposed on approved providers who fail to comply with their conditions of approval.