Mrs SALLY QUINNELL (Camden) (11:22): My question is addressed to the Minister for Better Regulation and Fair Trading. Will the Minister update the House on how the Minns Labor Government is protecting consumers from underquoting in the property industry?

Mr ANOULACK CHANTHIVONG (Macquarie Fields—Minister for Better Regulation and Fair Trading, Minister for Industry and Trade, Minister for Innovation, Science and Technology, Minister for Building, and Minister for Corrections) (11:23): I thank the good member for Camden for her question and also for hosting the Cabinet in her local community; it was a great successful event. The member for Camden works hard to support her local community, particularly the many first homebuyers who are eager to build their lives in the wonderful community of Camden. The Minns Labor Government has made no secret that we need stronger underquoting laws in New South Wales. We know that mums and dads, and single homebuyers across our State are facing the most expensive property market in the country. We know that to be underquoted on a home is frustrating and demoralising, so our message is clear: We have heard and we are acting.

Today we are putting real estate agents on notice. We are announcing a reform package that will overhaul the State's underquoting laws. We will lift professional standards across the real estate sector and improve transparency in property listings. We want to boost buyer confidence. We have consulted with the industry in recent months on the proposed changes, and a draft bill will be out for further consultation in the coming weeks. The Government is committed to strengthening compliance and enforcement across the property sector. Our proposed changes are modelled on those operating in Victoria, where laws have focused on increasing transparency for potential buyers, including on how an agent has landed at an expected selling price. What sets our reforms apart is we are removing the financial incentive for real estate agents to break the law. We are proposing significantly increased penalties—fines of up to $110,000 or three times an agent's commission, whichever is the greater value. Agents caught doing the wrong thing will no longer see the fine as a cost of doing business.

We are closing the loophole in the current laws. We are mandating a price or a price guide on all advertising, so that prospective buyers do not waste their time with properties that are well outside their budget. The days of "price on application" or "contact the agent" are over because irresponsible operators will be caught if they do the wrong thing. The Minns Labor Government has worked hard to lay the foundations for effective enforcement action. Established earlier this year, our Strata and Property Services Taskforce is well‑equipped to protect the integrity of the housing market. Backed by $8.4 million, the taskforce is already on the ground undertaking proactive compliance programs and investigations into underquoting. [Extension of time]

Thanks to that $8.4 million investment, NSW Fair Trading has completed 164 "anytime, anywhere" audits around the State this year. In the past month alone the taskforce made 64 unannounced visits to real estate and property services businesses on the Central Coast as part of a local blitz. In total this year, Fair Trading has issued 33 fines worth just over $71,000 and commenced 89 investigations into real estate practitioners for underquoting. We only need to look as far as Joshua Tesolin's licence suspension to see our strong commitment to enforcement in this area. With over 40 people in the taskforce—comprised of investigators and inspectors—there is plenty more to resource those inspections.

We are using every tool in our arsenal to stop buyers wasting their money and time pursuing homes that are well beyond their budget. To restore transparency and confidence in the sector, we are placing the onus on real estate agents to disclose crucial details about a property. That includes a Statement of Information to help prospective buyers understand how the selling price was established, including comparable sales and the median suburban price. We also require agents to calculate and revise estimated selling prices on new, clearer guidelines that will be issued by Fair Trading. We can help create a fairer property market for all by tightening advertising rules, ensuring price guides are published and accurate, and publicising underquoting breaches as they happen. The Minns Labor Government is taking meaningful action against misleading conduct to clean up the New South Wales property market. We are getting on with the job of building a better New South Wales.