New Rules, New Reality: Navigating NSW’s Real Estate Changes
In a bid to crackdown on underquoting and provide increased transparency across the industry, change is being made across the Real Estate landscape.
NSW Fair Trading are rolling out a number of changes across the end of 2026 and beginning of 2027, all in the hopes to increase transparency for both buyers and sellers.
The good news? Team Charlie is ahead of the game when it comes to these changes. Here is everything you need to know.
Mandatory Price Guides
Effective 17 November 2026
One of the most significant changes is that all new residential properties listed will be required to include an advertised selling price or price range. This means no ‘Contact Agent’ or ‘Property Preview’ and this applies across all websites, real estate portals, social media, emails and other electronic communications.
This is one of the most welcomed changes for buyers, providing transparency from the very start and to ultimately help buyers make informed decisions around the current market, their finance limitations and placing offers.
Reviewing and Updating Estimated Selling Prices
Effective 17 November 2026
Another major change focuses on how agents determine, communicate and maintain estimated selling prices.
Agents must ensure the estimated selling price provided to vendors remains a reasonable reflection of what the property is likely to sell for throughout the entire campaign. It is no longer enough to establish a price guide at the beginning of a campaign and leave it unchanged if market conditions or buyer feedback indicate the estimate is no longer realistic.
Before entering into any agreement, agents must provide the vendor with:
- Written notification of the estimated selling price or price range
- Evidence demonstrating why that estimate is reasonable
- Supporting comparable sales information
How do we identify comparable properties to support our Estimated Selling Price?
Maitland and most of the Hunter is considered ‘non-metropolitan’ which means we have an initial comparable search parameter of within 5km of the subject property and sold within the previous 18 months.
The City of Newcastle is considered ‘metropolitan’ and the initial comparable search must be within 2km of the subject property and sold within the previous 6 months.
We must also then consider the following factors and identify the three most comparable properties. Factors include:
Location & proximity
Sale date
Property type & condition
Number of bedrooms & bathrooms
Land size & building floor area
Parking & special features
Age, construction materials & architectural style
Zoning & street frontage
Updating a Price Guide During a Campaign
If an agent determines that the estimated selling price is no longer reasonable, they must:
Revise the estimated selling price to reflect the current reasonable market expectation
Notify the vendor in writing, outlining both the previous and revised price or range
Provide supporting evidence demonstrating why the revised estimate is reasonable
Amend the agency agreement to reflect the revised estimated selling price
Statement of Information
Effective 8 February 2027
From February 2027, another important change will be introduced, with agents required to prepare a Statement of Information (SOI) for applicable residential property sales.
The new document will use a NSW Fair Trading-approved template and is designed to provide prospective buyers with greater transparency around how an advertised property price has been established. The document will contain relevant property information, including details of the comparable properties identified by the agent to support the estimated selling price
Where must it be displayed?
- Online advertising: Include the SOI or a link to it in online property advertisements, including websites, social media, applications and email communications.
- Open homes: Display a copy in a prominent location at property inspections, such as an entry table or kitchen counter.
- Buyer requests: Provide a copy to prospective purchasers within two business days if they request it or request a copy of the contract for sale.
What happens if the price guide changes?
This is particularly important.
If the estimated selling price is revised during a campaign and the comparable properties supporting that estimate also change, the SOI must be updated within two business days of revising the estimated selling price.
Whether you're buying or selling, you'll now be well-equipped to make informed property decisions.
As these changes come into effect, it is imperative that vendors choose the right agent and establish the right price and strategy from day one.
If you’re looking for an agent that’s ahead of the curve, book your appraisal today and let’s get your home on the market.
