Sydney’s real estate agents are on notice: there are new rules being proposed that would hit agents with three times their sales commission for offering misleading price guides.

The Minns government’s planned reforms, announced on Thursday, include mandated price guides on all advertising and a statement of information offered to buyers backing the estimated sales price claims.

The industry overhaul comes three months after an investigation by The Sydney Morning Herald and The Age that revealed almost half of all property sales at auction in Sydney sell for more than 10 per cent above the guide .

NSW Better Regulation and Fair Trading Minister Anoulack Chanthivong said stronger underquoting laws were needed to restore trust and improve transparency in property sales.

“We’ve devel

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