Markets 
An enforcement blitz across NSW’s property industry has resulted in more than 240 disciplinary actions taken against agents, property managers and strata operators over the past two years, as the consumer watchdog intensifies a statewide crackdown on underquoting and other serious industry breaches.
An analysis of a new name-and-shame register established by Fair Trading in January, shows 244 regulatory actions were taken against 104 individuals and companies between October 2024 and June 2026, highlighting the scale of the regulator’s campaign to restore confidence in the sector.
The disciplinary campaign resulted in 80 fines totalling $458,570, alongside 55 reprimands or cautions, 32 temporary disqualifications, 22 licence cancellations and 18 permanent industry bans. Several matters remain before the courts and the NSW Civil and Administrative Tribunal.
The figures come as the NSW Government pursues tougher oversight of the property sector following years of complaints about underquoting and industry misconduct that have left homebuyers out of pocket and undermined confidence in the market, highlighted by last year’s Bidding Blind investigation published by this masthead.
Underquoting remains a major focus for inspectors, with Fair Trading carrying out 116 auction inspections across Sydney during the 2025-26 financial year – up from 92 during the previous year – and issuing 72 underquoting-related fines worth a combined $158,400. It also issued 212 warning letters and 43 education actions.
Underquoting has long frustrated prospective homebuyers, many of whom spend significant sums on legal advice, building inspections and strata reports only to see properties sell well above advertised price guides.
Fair Trading Minister Anoulack Chanthivong said the new public register was designed to improve transparency while holding repeat offenders accountable.
“Misleading or deceptive conduct not only causes consumer detriment, but it also frustrates and harms other real estate agents who do the right thing,” Chanthivong said.
“Publishing serious breaches and repeated non-compliance sends a clear message that accountability matters.”
The register shows the regulator’s focus extends well beyond pricing practices. Disciplinary action has also been taken over trust account failures, unlawful conduct in property management, tenancy breaches and the misappropriation of client funds.
Cases detailed in the register include former Coffs Harbour strata manager Jessica Marrie Carah who was permanently disqualified by Fair Trading in January for allegedly transferring more than $2 million from 66 strata trust accounts into a personal bank account to fund cryptocurrency investments, luxury goods, and an SUV.
In June, the 30-year-old was charged by NSW Police with 403 counts of dishonestly obtaining financial advantage over the allegations. The case is expected to return to court this month.
In a separate case, agent Deepak Bangarh was suspended for 60 days after Fair Trading alleged he misrepresented selling prices, failed to properly substantiate estimated selling prices and did not pass on all purchase offers to vendors, as required by law. A manager has been appointed to oversee the business while investigations continue.
As previously reported by this masthead, former western Sydney agent Josh Tesolin had his licence cancelled and received a 10-year industry ban by Fair Trading following allegations unlawful and dishonest conduct across more than 100 property transactions. The matter remains under review before the tribunal.
Former Epping agent John Kim also lost his licence and was disqualified for five years by Fair Trading over allegation she misappropriated about $300,000 in trust funds.
UNSW Honorary Associate Professor Janice Gray said the number of disciplinary actions pointed to broader structural issues within the profession.
“Two hundred and forty-four disciplinary actions against 104 individuals seems more than we as a society would want, particularly given buying a home is probably the single biggest lifetime expense for most people,” Professor Gray said.
“This is an industry where many people have, historically, not been particularly well-educated and not particularly well credentialled. One way to address this would be to strengthen qualifications across the industry and undertake an external review of the quality of current training courses.”
Gray also questioned whether larger penalties alone would deter misconduct, warning some operators may simply weigh the financial rewards of breaking the rules against the risk of being caught.
The NSW Government has already increased maximum penalties for underquoting, lifting fines for individual agents from $22,000 to $110,000, or three times the commission earned, whichever is greater.
Real Estate Institute of NSW chief executive Tim McKibbin acknowledged the presence of “rogue operators” within the sector but rejected suggestions misconduct was endemic to the industry.
“All industries and professions have people within their ranks who do the wrong thing, but for some reason this industry is subject to a constant laser focus,” McKibbin said.
McKibbin argued education, rather than public naming and shaming, offered the best path to lifting standards.
“We have an extremely complex industry, and it’s getting more complex by the day, but you are able to enter the industry with less than a week’s training,” he said.
“There is something fundamentally wrong with that.”
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David Barwell is an urban affairs reporter for The Sydney Morning HeraldConnect via email.From our partners
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