The short answer. In NSW, your agent must put an estimated selling price in your agency agreement and back it with evidence, such as recent comparable sales. If they give a range, the top cannot be more than 10% above the bottom. If the market changes, they must update the estimate in writing.
What the agent must give you
A number in the agreement. The estimated selling price goes into the agency agreement you sign. It can be a single figure or a range.
The evidence behind it. The estimate must be based on things like recent comparable sales, location, the features of your home and current market conditions. The agent must give you that evidence.
A tight range. If the estimate is a range, the highest figure cannot be more than 10% above the lowest.
An update if things change. If market conditions change, the agent must update the estimate, tell you in writing with new evidence, and amend the agreement.
How your estimate links to the advertised price
Any price buyers see must not mislead them. Agents cannot use terms like "offers over" or a figure with a plus sign. If you'd rather not show a price, you can tell your agent not to publish one under an agency agreement signed before 17 November 2026. Agreements signed from that date work differently, as set out below.
How to check the number
Ask every agent for the same thing. Get an estimate from more than one agent, and ask each one for the sales they used.
Look at the sales yourself. Check that each sale is recent, nearby and similar to your home in size and condition.
Be careful with the outlier. NSW Fair Trading says to be cautious if one estimate is much higher than the others. A high number can win a listing. A sale price comes from buyers.
What changes from 17 November 2026
For agency agreements signed on or after 17 November 2026, your agent's ads must show a price or price range. A sign at your home can show no price, but if it shows one, the same rules apply. The advertised price can't be below the agent's estimate, the highest bid if the auction passes in, or a written offer you turned down for being too low. The maximum court penalty for underquoting rises to $110,000 or three times the agent's commission, whichever is higher.
From 8 February 2027, for agreements signed after that date, agents must also prepare a Statement of Information with the comparable properties behind their estimate. Buyers can ask for a copy, online ads must include it or link to it, and it must be on display at inspections.
Source: NSW Government, Price estimation and underquoting when selling a property and Changes to property and stock agents laws. © State of New South Wales. For current information go to www.nsw.gov.au.
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