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Underquoting regulations

What the law says, state by state.

Legal thresholds by state

NSW
10%
VIC
10%
QLD
N/A
SA
10%
WA
15%
TAS
15%
NT
15%
ACT
15%

Threshold = maximum permitted variance between advertised price guide and agent's genuine estimate.

Victoria

Victoria has Australia's strictest underquoting laws, introduced in 2017 under the Estate Agents Act 1980 amendments.

  • Agents must advertise a price range no greater than 10% wide (e.g. $800K-$880K)
  • The bottom of the range cannot be more than 10% below the agent's genuine estimate
  • Agents must provide a Statement of Information (SOI) within 3 business days of listing
  • SOIs must include the agent's indicative selling price and 3 comparable sales
  • The SOI must be updated if the estimated selling price changes

Penalties for underquoting in Victoria include fines up to $31,000 for individuals and $155,500 for agencies. Consumer Affairs Victoria investigates complaints.

New South Wales

NSW introduced underquoting reforms in 2016 under the Property, Stock and Business Agents Act 2002.

  • Agents must not advertise below their genuine estimate
  • A single price (not a range) must be quoted
  • The price cannot be increased during the campaign without re-assessment
  • Penalties up to $22,000 per offence

Queensland

Queensland does not require agents to publish a price guide for auction properties. Buyers must rely on their own research. Some agents voluntarily publish a range.

South Australia, Western Australia, Tasmania, NT, ACT

These states have general misleading conduct provisions under their real estate legislation, but no specific underquoting thresholds equivalent to Victoria or NSW. Agents may be prosecuted under consumer protection law if price guides are demonstrably misleading.

How to report underquoting

This page is for general information only. Laws may have changed -- always check the current legislation and seek independent legal advice if needed.

Methodology