Real estate agents in New South Wales could be fined $110,000 or more if caught underquoting properties under proposed new laws intended to stamp out misleading price estimates and increase transparency for buyers.

The Minns Labor government has started consultation with the property sector as it prepares to draft legislation to enact tougher underquoting laws, which it expects to introduce to parliament next year.

Underquoting is a tactic used by some agents who advertise a property for less than the estimated selling price or the owner’s asking price in order to lure buyers and drum up competition. ‘Poor doors’: affordable housing tenants have to use back entrance to access Barangaroo apartments Read more

It is against federal consumer law to underquote and most states , inclu

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