In April 2026, NSW strengthened its price guide rules following high-profile enforcement action against agent Josh Tesolin, who was banned for 10 years for systematic underquoting. The updated laws represent some of the strongest consumer protections to date. Julian and Renee at Flash Conveyancing have seen buyers spend thousands on inspections for properties they were never realistically in the running for. Here’s how to identify a “price trap” early.
The Statement of Information (SOI) is now mandatory for all listings and is your first line of defence:
- What to check: The SOI must include at least three comparable sales from the past six months within 2 km.
- Red flags: If the comparables are smaller, inferior in condition, or on less desirable streets, the guide price may be set artificially low to attract interest.
The rejected offer rule is another key safeguard:
- Agents must not advertise a property below a rejected written offer.
- Flash check: If you submit a formal offer and the price guide is not updated promptly (generally within 48 hours), this may breach section 73AA of the Property and Stock Agents Act 2002 (NSW).
Then there’s the auction gap:
- NSW Fair Trading may investigate where the reserve price significantly exceeds the advertised guide (often around a 10% gap).
- Digital compliance checks in 2026 compare internal estimates with public guides, with penalties reaching up to $110,000.
Julian and Renee apply a “contract truth” check to protect buyers:
- Agent says, “The seller is motivated.” → Review the title for mortgagee interests or notices indicating financial pressure.
- Agent says, “The guide is firm.” → Check days on market; a stagnant listing may indicate bait pricing.
- Agent says, “The SOI is accurate.” → Cross-check comparable sales against actual transfer data from Revenue NSW.
Flash Conveyancing Advice:
Underquoting is unlawful. Always verify agent statements against official documents. Julian and Renee help cut through marketing spin so you can assess whether a price guide reflects genuine value. Make decisions based on verified facts—not sales talk.
Flash Conveyancing, led by Julian and Renee, handles property transactions across New South Wales. With solid experience working with councils such as Blacktown, Hawkesbury, Blue Mountains, The Hills, Hornsby, and Parramatta, they offer a straightforward, efficient and personalised service for every settlement.