NSW Price Guide Laws from 17 November: What Buyers Need to Know

From 17 November 2026, NSW real estate agents must include a selling price or price range in residential sale advertisements. An ad that says only "contact agent" or "price on enquiry" will no longer comply. For buyers, that means more information up front, but a price guide is still the agent's estimate, not the price the home will sell for.

What changes on 17 November

The first stage of the NSW Government's underquoting reforms starts on 17 November 2026.

According to NSW Fair Trading, from that date:

• Agents must include a selling price or price range in residential sale ads they arrange to publish, including online listings, social media, apps and email

• The advertised price cannot be lower than the agent's estimated selling price

• Agents must base that estimate on the three most comparable recent sales

• Agents must keep detailed records of how they arrived at the estimate

• Online ads that stop complying must be updated or removed within one business day

A standard for sale sign on the property does not need to show a price. If it does, the same rules apply.

The end of "contact agent"

For years, many listings have carried no price at all. Buyers were told to "contact agent", then given a figure over the phone that was sometimes vague, sometimes different for each caller, and sometimes well below where the seller expected to land.

That approach does not meet the new rules on its own. The ad itself must show a price or range.

Agents can still invite buyers to call for more information, but the price must be stated in writing first. Phrases like "offers over" and symbols like "$900,000+" were already prohibited, because they obscure a property's estimated value.

There is a practical shortcut agents may use: NSW Fair Trading says a QR code linking to the advertised price is acceptable, as long as the ad makes it clear the price can be accessed that way.

How the price range works

If an agent advertises a range, the top of the range can be no more than 10% above the bottom. NSW Fair Trading gives the example of a lower price of $500,000, where the upper price cannot exceed $550,000.

That stops very wide ranges designed to attract as many buyers as possible. It does not make the range a ceiling. A property can and often will sell above it if competition is strong.

How agents must set the estimate

Before signing an agency agreement, the agent must give the seller a written estimated selling price and evidence that it is reasonable. In metropolitan areas, which NSW Fair Trading says include Wollongong, the agent starts with properties sold within 2 kilometres in the previous 6 months, extending to 12 months if there are fewer than three comparable sales.

In non-metropolitan areas, the search is within 5 kilometres over the previous 18 months.

The advertised price must also move up when the evidence changes. An agent cannot advertise below:

• their current estimated selling price

• the highest bid from a registered bidder if a property is passed in at auction

• a written offer the seller rejected only because it was too low

What does not change yet

From 8 February 2027, agents will also have to prepare a Statement of Information on a NSW Fair Trading approved form. It will set out the estimated selling price and the comparable sales behind it, and must be available at inspections and with online ads. Until then, buyers will see the price, but not always the evidence for it.

There is also a transition period. Ads published before 17 November 2026 are not required to show a price, although Fair Trading encourages it.

Campaigns that were already running may still say "contact agent" for a while, unless the estimate is revised.

Why it matters for buyers

Underquoting costs buyers real money: building and pest reports, strata reports, legal advice and time spent chasing homes that were never within reach. Clearer, evidence-based price guides should reduce that waste.

The penalties are significant. Underquoting can lead to a court penalty of up to $110,000 or three times the agent's commission, whichever is greater.

But a price guide is still a guide.

Agents work for the seller, and a compliant range can be a fair estimate today and look low after the first weekend of inspections. Treat the advertised price as a starting point for your own research, not as a valuation.

The Illawarra angle

In the Northern Illawarra, "contact agent" listings have been common for homes in Thirroul, Austinmer and Coledale, particularly for well-presented or unusual properties where comparable sales are thin.

Under the new rules, the agent still has to rely on the three most comparable sales, even when there are few genuinely similar homes nearby.

That matters here.

A beachside home, a large escarpment block or a heritage cottage can be hard to compare, so a compliant range may still sit some distance from the final result. Look at which sales sit behind the estimate and whether they really match the home you are looking at.

Our Illawarra suburb guides are a good place to start.

What to check before you buy

• Note the advertised price or range on day one, and watch whether it changes

• Ask the agent which comparable sales the estimate is based on

• Check those sales yourself, adjusting for land size, condition, aspect and position

• If a range moves up after an auction pass-in or a rejected offer, read that as a signal, not a nuisance

• Do not commit to building and pest or strata reports until your own value range overlaps the agent's

• If an online ad still shows "contact agent" after 17 November, ask when the campaign started

• Keep your finance approval based on your own value assessment, not the bottom of the range

• If you believe a property has been underquoted, you can report it to NSW Fair Trading

Buyer takeaway

The 17 November changes give buyers more information earlier, and they make it harder for agents to lure buyers with a price the seller will never accept.

That is a real improvement. The price guide is still a seller-side estimate, though.

Do your own comparable sales work, set your own limit, and use the advertised range as one input. If you want an independent view on value before you bid or make an offer, our buyer's agent services are built for exactly that.

Frequently asked questions

When do the new NSW price guide rules start?

17 November 2026. The Statement of Information requirement follows on 8 February 2027.

Can an agent still say "contact agent"?

Not on its own. From 17 November, residential sale ads must show a selling price or price range. Agents can still invite you to call, as long as the price is in the ad.

How wide can a price range be?

The upper price can be no more than 10% above the lower price. A range starting at $1,000,000 cannot go above $1,100,000.

Does the price guide mean the property will sell in that range?

No. It is the agent's estimate based on comparable sales. Properties can sell above the range, especially when several buyers compete.

If you are buying in the Northern Illawarra and want help reading price guides and comparable sales, book a free 15-minute call with Joel.

This article is general information only and is not legal or financial advice. For the full rules, see NSW Fair Trading's underquoting guidance.