Buying a home is expensive enough without having to guess what a property is actually worth.
Anyone who has been house hunting in Wagga Wagga over the past few years will know that finding the right property, at the right price, hasn't always been easy. In some parts of the city, median house prices have climbed above $700,000, and buyers are having to make careful decisions about where their money goes.
But rising prices aren't the only frustration for people looking to buy. Underquoting has long been an issue in the property industry, leaving buyers unsure whether the homes they're inspecting are genuinely within reach.
That's set to change. The NSW Government has passed a new round of underquoting reforms, with the first changes coming into effect on 17 November 2026. The reforms bring NSW closer to the approach already used in Victoria, where residential property listings must include a price or price guide.
There's a good reason this has become a priority. According to realestate.com.au's 2026 Property Seeker report, 7 in 10 home seekers are frustrated by property listings without a price, while 4 in 5 say they're more likely to overlook a property if no price is shown.
For buyers, it's a fairly simple request: if a property is being advertised for sale, they want to know roughly what it's going to cost.
What is underquoting?
Underquoting is when an agent advertises a property below what they reasonably think it will sell for. It’s used to pull in more interest, create competition, and push the price up.
For local buyers, whether you’re buying your first home or upsizing for a growing family, the result is real. You spend weekends inspecting properties you were never realistically going to afford. You waste time, fuel, and money. As a local agency right here in the Riverina, we see that frustration firsthand.
What changes from 17 November 2026
Penalties to go up.
The old maximum fine for underquoting was $22,000. For some, that was just the cost of doing business. Now penalties can reach $110,000 or three times the agent’s commission, whichever is greater.
This also builds on changes made earlier this year, which doubled penalties for dummy bidding to $110,000 and strengthened NSW Fair Trading’s enforcement and disciplinary powers.
Price guides will become mandatory.
Residential property ads will need a selling price or price range. Buyers should be able to tell fairly quickly whether a property is in their budget.
Online prices must be corrected within one business day.
If the advertised price no longer complies with the law, it has to be updated within one business day. That includes when the estimated selling price is revised, when a written offer is rejected for being too low, or when a property is passed in at auction.
The advertised price also can’t stay lower than a written offer that was rejected or the highest unsuccessful bid.
Agents have clearer rules for setting and revising price estimates.
They must use the three most comparable sales when setting or revising an estimated selling price. They also need to keep detailed records showing how that price was worked out, and retain agency agreements electronically.
NSW Fair Trading has stronger enforcement powers.
Fair Trading can now require agents to publicly disclose breaches, demand independent verification of price estimates by a qualified valuer, and impose penalties or suspend licences where needed.
Buyers, sellers, and renters can also check an agent’s status and history through the NSW Fair Trading Name and Shame Register.
From 8 February 2027
Agents will also need to prepare a Statement of Information explaining how the estimated selling price was determined, including the comparable sales used to support the price guide.
That statement will need to be available alongside online advertising and at property inspections. It should give buyers more evidence before they make one of the biggest financial decisions of their lives.
A note on the industry response
Not everyone in the industry is convinced the changes will deliver everything the government hopes. The Real Estate Institute of NSW has raised concerns about the additional administrative work involved and questioned whether mandatory price disclosure will necessarily produce better outcomes for buyers and sellers.
There is a reasonable discussion to be had about how the new requirements will work in practice. Property prices aren't always straightforward, particularly when you're comparing homes with different levels of renovation, land size, location and presentation.
However, most buyers would agree that having a realistic starting point is better than having no price information at all. The important thing will be making sure the new requirements improve the information available to buyers without creating unnecessary confusion for sellers or agents.
What this means for Wagga Wagga
Wagga Wagga has changed considerably over the past few years. Population growth, defence investment, healthcare employment and infrastructure projects have all contributed to the city's growing property market. With more people looking at Wagga as a place to live, work and invest, it's important that the buying and selling process keeps pace with that growth.
For local buyers, the biggest benefit should be knowing where they stand before they commit time to inspections and negotiations. First home buyers in particular should have a better opportunity to narrow down their search based on realistic price expectations.
For sellers, accurate pricing will remain just as important. A well-considered price guide helps attract buyers who are genuinely in a position to purchase, rather than generating interest from people who are unlikely to be able to meet the eventual selling price.
At Macarthur Real Estate Agency, we believe that honest conversations about price are an important part of doing business. Nobody benefits from buyers being given unrealistic expectations, and sellers deserve advice that's based on the market rather than an inflated promise.
The new requirements will bring some changes to the way property is advertised across NSW. How effectively they work will become clearer once agents, buyers and sellers have had time to adjust. For anyone considering buying or selling in Wagga Wagga, understanding how these changes affect the process will be worthwhile.
You can find further information about the reforms, including your rights and responsibilities when buying or selling property, through the following resources:
- NSW Government – Buying and selling property
- NSW Government – New underquoting laws and commencement dates
- Real Estate Institute of NSW – Underquoting reforms
Disclaimer: This article is intended as general information only and does not constitute legal, financial or professional advice. Legislation and regulatory requirements may change. Readers should refer to NSW Fair Trading and other official sources for the latest information and seek independent advice where necessary.
