NSW cracks down on real estate under quoting

New South Wales is introducing reforms to crack down on controversial real estate practices like under quoting and dummy bidding, with agents facing fines up to $110,000 for misleading buyers. The proposed changes would require every property listing to include a clear price guide explaining how the estimate was calculated. The Australian Property Institute is advocating for independent valuations rather than agent-provided estimates to ensure transparency and fairness for both buyers and sellers.

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