The agency agreement for a Penrith home records an estimated selling price of $780,000. The agent's draft online listing reads 'Offers over $780,000'. Is the listing compliant?
Correct Answer
B) No, 'offers over' wording is banned even at the estimated selling price
Section 73(2) of the Property and Stock Agents Act 2002 prohibits advertising a residential property with the phrase 'offers above' or 'offers over', or similar words or symbols, a specified price or range. NSW Fair Trading guidance adds that '$780,000+' style symbols are also prohibited. This applies even when the figure matches the estimated selling price.
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On auction morning a NSW vendor tells the auctioneer she will text her reserve price once she sees how bidding goes. What do the auction conditions require?
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