Will “Contact Agent” become less common? NSW underquoting reforms explained

Buyers searching for a property in NSW will be familiar with listings that say “Contact Agent”, provide a broad price guide or change price guide after the property begins attracting interest.

New underquoting laws are intended to give buyers more information about the price an agent expects a residential property to achieve.

However, not all of the reforms have begun operation. Some penalty and enforcement provisions commenced on 29 June 2026. The main changes affecting property advertisements and price information are expected to commence later in 2026, on a date yet to be announced.

1.        Will property advertisements have to show a price?

Under the proposed reforms, most residential property advertisements arranged by agents will need to show either a selling price or a price range. In practice, listings containing only “Contact Agent” may become less common.

This will apply to common forms of advertising, including property websites, apps, social media and emails. Limited exceptions may apply, including certain basic signs placed at the property.

2.        Buyers may see more of the reasoning behind the price guide

Under the proposed reforms, agents will need to prepare a Statement of Information explaining the basis of their estimated selling price.

The statement will identify information considered by the agent, including comparable property sales. It will generally need to be available through online advertising, displayed at inspections and provided within two business days after a prospective buyer requests it or asks for a copy of the contract for sale. The approved form and some practical details are still being developed.

For buyers, the statement may provide useful context when deciding whether a property is within their budget.

3.        The penalties for underquoting will increase

When the main reforms commence, the maximum court-imposed penalty for underquoting will increase to $110,000 or three times the agent’s commission, whichever is greater.

A separate maximum penalty of $27,500 will apply for failing to comply with the new Statement of Information requirements.

4.        More price information does not replace legal due diligence

The reforms may help buyers decide whether to incur the costs of inspecting a property, buying property inspection reports, paying for the costs of contract review, and arranging finance to  participate in an auction. They do not, however, address the legal and physical risks associated with the property itself.

The advertised price and Statement of Information will not replace consideration of the contract, building and pest issues. This may be particularly relevant to veterans and ADF families purchasing around a posting, deployment or interstate relocation, where there may be limited time to investigate a property before making an offer.

5.        How Veterans First Legal can assist

At Veterans First Legal we assists veterans (both currently serving and former ADF members), their families and supporters with residential property purchases and sales.

Our property law and conveyancing services include contract review, due diligence, advice, assistance and guidance from exchange of contract through to settlement.

This article provides general information only and does not constitute legal advice.

If you are interested in buying or selling property, please do not hesitate to contact Veterans First Legal.