“What’s it worth?” is about to get a clearer answer: the NSW price rules Griffith sellers and buyers should know about

Every sale in Griffith starts with the same question: what’s it worth?

The NSW Government is changing the rules around how that question gets answered in public. New laws on underquoting and advertised prices are being switched on in stages, with the main pricing and advertising rules expected towards the end of this year. For Griffith owners, buyers, sellers and investors, that’s worth understanding before you list, inspect or sign an agency agreement.

One note up front: the exact start dates for some of the changes haven’t been confirmed, so we’ll say what’s in force, what’s expected, and where to check.

What’s changing

The Property and Stock Agents Amendment (Underquoting and Other Agent Conduct) Act passed earlier this year. It’s being rolled out in three stages.

Already in force (from 29 June 2026). Tougher penalties for serious agent misconduct, including dummy bidding, and new powers for NSW Fair Trading to make an agent publicly disclose their breaches or have their pricing checked by an independent valuer.

Expected November 2026. The pricing and advertising rules. Residential sale advertising, including online listings, social media and email, will need to show a price or price range. Agents will have to base the estimated selling price on the three most comparable recent sales and keep records of how they got there. The maximum penalty for underquoting is lifted to $110,000 or three times the agent’s commission, whichever is higher, up from $22,000 today.

Expected February 2027. A Statement of Information for every residential sale, showing how the price was worked out, available with online listings and at inspections.

A reminder that stages two and three are expected dates, not locked in. NSW Fair Trading is the source to watch, and we’ll update you when dates are confirmed.

What this means in Griffith

Griffith sits outside the metro definition, and under the new rules that matters. For regional and country areas, comparable sales are those within 5 kilometres and the last 18 months. In metropolitan areas it’s 2 kilometres and 6 months.

That’s a sensible allowance for a market like ours. Griffith has been running with around 25 houses listed at any one time, so there often aren’t many sales that closely resemble a particular home. Three genuinely comparable sales can be harder to find than the rules assume, and Fair Trading has said it will publish guidance for agents when there are fewer. That makes local knowledge worth more, not less: knowing which sales are truly like-for-like, and which ones aren’t.

If you’re selling

• Expect the price conversation to start earlier and be written down. Your agent should be able to show you the sales behind the number, not just the number.
• Be realistic about the starting price. Under the new rules, an estimate has to be backed by evidence, and if it needs to change during the campaign, your agent will have to follow a process to change it. A hopeful price you’ll need to walk back is going to be more visible than it used to be.
• If you’re already listed, ask what applies to you. The new rules apply to agency agreements signed after the start date, but a price change on an existing campaign after that date may be caught by them.
• Ask for the evidence now. Whenever the rules start, any agent you speak to should be comfortable showing you how they got to their price. If they aren’t, that’s useful information.

If you’re buying

For buyers, the headline is simple: advertised prices should become more trustworthy and easier to compare.

• Ads will need a price or range. Searching online, you’ll see more of the picture before you book an inspection.
• Underquoting will be harder to get away with. An advertised price that sits well below what the seller will actually accept wastes your time and your money. The new penalties are designed to stop it.
• From February 2027 you’ll be able to ask for the Statement of Information to see how the price was reached.

Even with clearer pricing, your own homework still counts. Check recent sales yourself, get your finance in order and know your limit before you walk in.

If you’re investing

Clearer pricing is good news when you’re comparing properties, particularly if you’re looking at a few and can’t get to all of them in person. It also affects you as a seller: if you own an investment property in Griffith and you decide to sell, the estimate has to be backed by comparable sales in the same way. Your tenant situation, lease end date and rental history are all part of how a property is valued and sold, so have those documents ready.

If you’re upsizing, downsizing or moving away

Most people in this group are selling and buying at the same time, which means you’ll meet the new pricing rules from both sides. If you’re moving to Griffith from elsewhere, you may be used to pricing that’s vague or shown only as “contact agent.” Expect the Griffith market to become more upfront. If you’re leaving, make sure you have a clear idea of your home’s value before you look at the next one, because the budget for your next place depends on it.

The bottom line

Good pricing has always been about evidence. The new rules write that into the law. For sellers, the number is going to need to stand up. For buyers, the number in the ad should mean what it says.

We think that’s a good thing for Griffith, and we’ll keep you across the dates as they’re confirmed.

If you’d like to talk through what your property is worth, and the sales behind that, give us a call.

Please note: this is general information only, not financial, tax or legal advice. Market figures are drawn from Cotality’s September 2026 Home Value Index and weekend auction reports, and Griffith figures are from earlier SOUL reporting. Past performance isn’t a guarantee of future results, and every property is different. Speak to your broker, accountant and conveyancer before making decisions.

Know your numbers. Know your market. Feels right.