Price estimation and underquoting when selling a property
NSW underquoting laws require agents to provide accurate price estimates in listings and ads, banning misleading terms like 'offers over' or price-plus signs.
Underquoting industry roundtable
In response to concerns raised by consumers, industry, and government, NSW Fair Trading has established an underquoting roundtable to bring together sector leaders and stakeholders.
The next roundtable will be held on 13 November 2025.
Obligations of your selling agent
When you engage an agent to sell your residential property in NSW, they must:
- include an estimated selling price in the agency agreement
- ensure the estimate is reasonable. It should be based on factors such as:
- recent comparable sales
- location
- property features
- current market conditions.
- provide evidence supporting their estimate
- provide the seller with any offers that are made
- update the estimate if market conditions change. The agent must notify you in writing, provide new evidence, and amend the agency agreement.
- take all reasonable steps to update or retract any marketing material that no longer reflects the current estimated selling price
- not use misleading terms in advertisements, such as:
- "$XXX,000+"
- "offers over" or "offers above" a certain amount
- any similar statements or symbols.
- if the estimated selling price is expressed as a range, the highest price cannot exceed the lowest by more than 10%. For example, a range of $500,000 to $550,000 is acceptable, but $500,000 to $600,000 is not. A narrow range ensures that the estimate provides meaningful information to buyers. A wider range could mislead buyers about the property's affordability.
Your rights as a seller
You can instruct your agent not to disclose the estimated selling price to potential buyers.
If you choose this option, the agent must not provide any price information in advertisements, in writing, or verbally.
If you get different estimated selling prices from different agents, they must provide evidence to support their estimates. Failure to do so can result in penalties. Variations can occur, but all agents should base their estimates on similar evidence. Be cautious of much higher estimates, as they may not be reasonable.
If you as the seller disagree with the agent’s estimated selling price, you should be aware that the law requires the agent to determine the price using their professional skills and market knowledge.
To learn more about what is expected from agents, read our guidance about underquoting for property professionals.