The rest of the NSW underquoting reforms haven’t started yet, and there’s still no official start date. On 2 October 2026 Fair Trading told licensees it expects the advertising and pricing rules (a price or price range in the ads you arrange, comparable sales behind your estimated selling price, and keeping advertised prices up to date) to begin in November 2026, with the Statement of Information expected to follow in February 2027. Fair Trading’s public changes page still says “towards the end of 2026”, so treat both months as expected, not fixed.
The first stage, with higher penalties and stronger Fair Trading powers, has applied since 29 June 2026. Until the rest commences, today’s estimated selling price rules still apply. This is general information, not legal advice.
When do the changes start?
The changes come from the Property and Stock Agents Amendment (Underquoting and Other Agent Conduct) Act 2026. Only the first stage is in force. The rest is waiting on regulations and forms, so it’s rolling out in two more steps.
| Stage | Expected start | What it covers |
|---|---|---|
| 1 | In force since 29 June 2026 | Higher maximum penalties, new Fair Trading disciplinary and education powers |
| 2 | Expected November 2026 | Price or range in agent-arranged ads, comparable sales behind the ESP, advertised price floors and updates, new underquoting penalty |
| 3 | Expected February 2027 | Statement of Information in the approved form, plus the SOI penalty |
The expected months come from Fair Trading’s 2 October email to licensees. Commencement will be announced once the supporting regulations and forms are ready, so check the changes page before you change office templates.
Fair Trading will also be able to impose higher disciplinary penalties of $27,500 for individuals and $55,000 for corporations. Those haven’t commenced either, and no month has been given for them.
In force since 29 June 2026
Maximum court penalties went up for many existing offences. Fair Trading’s examples include acting without a licence, dummy bidding at auctions and mishandling trust money, with maximums of up to $110,000 for a corporation and $55,000 for an individual for some offences. There’s also a new $11,000 maximum for not meeting CPD requirements, and a new offence of impersonating a Fair Trading officer, with a maximum of $110,000.
Fair Trading also has new disciplinary powers. It can require you to publicise your misconduct, have a licensee in charge or an independent valuer verify your estimated selling price, suspend you from activities such as property sales, and require you to indemnify the Property Services Compensation Fund. It can direct you to complete further training by a set date, and the Commissioner can approve standard forms of agency agreement. None of this means the new underquoting penalty is live yet.
Expected from November 2026
When this stage starts, you’ll need to consider the sold prices of comparable properties, under prescribed requirements, when you set or revise an estimated selling price, and keep records of how you did it. Ads you arrange will need a price or price range, although a for-sale sign on or next to the property is exempt. The advertised price can’t sit below your estimate or certain known bids and offers, and online ads must be updated within one business day. The underquoting maximum rises to $110,000 or three times your commission, whichever is higher.
Expected from February 2027: the Statement of Information
The Statement of Information (SOI) is expected to follow in February 2027, along with a maximum penalty of $27,500 for not complying with it. You’ll prepare it in an approved form for each residential property you’re engaged to sell, then use it in your ads and at inspections. The details are further down.
What selling agents must already get right (current ESP rules)
The price estimation and underquoting page (last updated 8 July 2026) sets out the rules that apply right now:
- Put a reasonable estimated selling price in the agency agreement, based on comparable sales, location, features and the market, and keep your evidence.
- Pass on offers, and if your estimate changes, revise it in writing with evidence and amend the agreement.
- Update or pull any marketing that no longer matches your estimate.
- Don’t use misleading “offers over” or “$XXX+” wording, and keep a price range to no more than 10% between the bottom and the top.
- If the seller tells you not to disclose the estimate, give no price in ads, in writing or verbally.
Statement of Information (SOI): what is coming
The SOI is the last stage, expected from February 2027.
What an SOI is
Fair Trading will publish an approved form, which hadn’t been published as at October 2026. If you’re engaged to sell a residential property, you’ll fill it in with information about the property, including the comparable sales you’ve identified.
How you’ll have to use it
Once the SOI rules start, you’ll need to:
- Include the SOI, or a link to it, in online ads, whether on a website, social media, an app or by email.
- Display it somewhere prominent at inspections.
- Give a copy within two business days to a prospective buyer who asks for it or for a copy of the contract.
Keep an eye on Fair Trading for the form and the start date.
Price guides and advertised selling prices under the reforms
These rules are expected from November 2026, unless Fair Trading confirms otherwise.
When this stage starts, most ads you arrange will need a selling price or range. For-sale signs on or next to the property are exempt, and the regulations may allow other limited exemptions. If an exempt ad does show a price, it still has to follow the new rules.
The advertised price, or the bottom of a range, can’t be lower than your estimated selling price, the highest bid you know a registered bidder made at an auction where the property was passed in, or a written offer the seller rejected only because it was too low. You’ll need to update or remove ads within one business day online, and as soon as practicable elsewhere.
Those floors are about pricing during the campaign, not bidding on the day. For auction-day rules, see auction prohibited conduct.
Practice checklist before the expected November start
- Write down how you formed each estimated selling price, including the comparable sales you relied on and your file notes.
- Record written offers and the seller’s reasons for rejecting them, because an offer rejected only for being too low will set a floor for your advertised price.
- Make sure portal search prices, verbal guidance and the price on file already line up, because from the expected November start the price in the ad becomes compulsory.
- Brief your open-home staff so nobody hints that a property will sell below the estimate.
- If you’re a licensee in charge, supervise pricing and advertising processes and keep staff CPD on the agency training plan (NSW CPD requirements 2026–2027).
Fair Trading is already checking open homes
A ministerial release on 4 September 2026 reported Fair Trading’s Taskforce attended about 80 open homes over roughly two months: 10 agents fined (totalling $20,900), 5 warnings, and 16 education directives. Inspectors posed as buyers, then checked records.
Most agents do the right thing. The Taskforce can attend without notice, so ESP evidence, offer records, and open-home messaging should already match what you would explain on the day.
How this ties to CPD
Price transparency and professional conduct are skills salespeople refresh through approved interactive CPD. Underquoting isn’t a named compulsory topic, so confirm your topics on Fair Trading’s CPD page and, if useful, see NSW CPD requirements 2026–2027.
If you’d like a refresher, our CPD course for residential salespeople covers all four compulsory topics in live interactive webinars, with quizzes and a written assessment to finish afterwards.
Frequently asked questions
When do the NSW underquoting changes start?
The first stage started on 29 June 2026. Fair Trading told licensees on 2 October 2026 that the advertising and pricing rules are expected to start in November 2026 and the Statement of Information in February 2027. Neither date has been officially fixed, so check Fair Trading’s changes page before you update your templates.
Are the 2026 underquoting reforms all in force now?
No. Higher general penalties and stronger Fair Trading powers have applied since 29 June 2026. Price-in-ads, the comparable sales rules and the new underquoting penalty are expected from November 2026, and the Statement of Information is expected from February 2027.
What is a Statement of Information for NSW agents?
It’s a form you’ll need to prepare when you’re engaged to sell a residential property. It’s expected from February 2027, and the approved form hasn’t been published yet. It will include information about the property, including the comparable sales you identify. You’ll need to include it, or a link to it, in online ads, display it at inspections, and give a copy within two business days to a buyer who asks for it or for a copy of the contract.
Do I already need a price guide on every online ad?
Not yet. That rule is expected from November 2026. Until then, follow the current estimated selling price rules, including no misleading “offers over” or “$XXX+” wording.
What underquoting penalties apply now, and what changes later?
Since 29 June 2026, higher maximum penalties have applied to many existing offences, up to $110,000 for a corporation and $55,000 for an individual for some of them. The new underquoting maximum of $110,000 or three times the agent’s commission, whichever is higher, is expected from November 2026. The $27,500 maximum for Statement of Information breaches is expected from February 2027. Neither is a penalty you can be fined under today.
How is this different from auction prohibited-conduct rules?
This guide covers estimated selling prices, advertised prices, the Statement of Information and underquoting during the campaign. Bidding on auction day, including dummy bids, is covered in our auction prohibited conduct guide.
Where can NSW salespeople complete related CPD with EDUTIVE?
Our CPD course for residential salespeople covers all four compulsory topics in live interactive webinars. Underquoting isn’t a named compulsory topic, so confirm your pathway on Fair Trading’s CPD page.
Next step
Check Fair Trading’s changes page and price estimation page before you update templates, and again when the start dates are announced. In the meantime, tighten your estimate evidence, offer records and open-home messaging so you’re ready for the expected November start. When you’re booking this year’s CPD, upcoming dates are on our CPD course page.
Sources
Next step
Complete your NSW CPD with EDUTIVE
EDUTIVE is an approved NSW Fair Trading CPD provider. Browse compulsory topics for your licence category, or track your hours with CPD Tracker.
