Sydney & Melbourne property markets are showing signs of recovery after a period of stagnation, spurring a renewed selling season in Australia’s top cities.
Amid these changes, Greek Australian real estate expert Tom Panos has raised concerns about how artificial intelligence (AI) might be deployed to enforce a new crackdown on underquoting in New South Wales (NSW), comparing it to “speed cameras” for property sales.
The Minns government has announced plans to tackle misleading price practices, starting consultations on reforms aimed at lifting professional standards, improving transparency in property listings, and boosting buyer confidence.
Under the proposed changes, agents who underquote – listing properties below their estimated sale value – could face penalties of up to $110,000 or fines equalling three times their commission.
Speaking on the reforms, auctioneer and industry trainer Tom Panos said AI could play a key role in monitoring compliance.
“I’m pretty certain the process is in place where AI checks the back end,” Mr Panos said, cautioning agents to follow the rules.
NSW Minister for Better Regulation and Fair Trading, Anoulack Chanthivong, emphasized the importance of stronger underquoting laws.
“There is broad recognition from buyers and the property industry that stronger laws are needed to restore trust and transparency,” he said.
“The reforms will allow NSW Fair Trading’s Strata and Property Taskforce to take meaningful action against misleading conduct, ensuring a cleaner, fairer market.”
The proposed changes include clearer documentation and advertising rules, helping buyers make informed decisions and reducing wasted time and money – particularly critical for consumers facing rising living costs.
In a recent market wrap video, Mr Panos urged agents to act with full accountability, likening oversight to having a “speed camera every 50 metres.”
He elaborated on AI’s potential role in enforcement:
“I’m pretty certain AI is used to monitor the prices agents upload, compare them to final sale prices, and flag any variance above 20%. Files are then requested by NSW Fair Trading for review. Agents need to do the right thing.”
With NSW property markets recovering, these reforms aim to ensure transparency, protect buyers, and hold agents accountable in an era where AI could increasingly oversee compliance.
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