One of Sydney’s most prominent property industry figures, Tom Panos, has warned real estate agents that Artificial Intelligence (AI) could soon be used to enforce tougher underquoting laws in New South Wales, likening the technology to “speed cameras” monitoring home sales.
His comments come as the Minns Government launches public consultation on a major crackdown designed to lift professional standards, improve transparency in property listings and restore buyer confidence.
The proposed reforms target misleading price guides – when agents advertise a price lower than what they believe a property will sell for – and include penalties of up to $110,000 or three times the agent’s commission.
Commenting on the government’s plans, Mr Panos, an auctioneer and industry trainer, said AI could easily be deployed to monitor compliance.
“I’m pretty certain the process is in place where you have AI that actually goes to the back end,” he said, warning agents that the days of loose price quoting are numbered.
In a recent video, he urged agents to assume their conduct was always being watched. “You need to operate in a way, as if there is a speed camera every 50 metres,” he said.
He added that AI could compare an agent’s advertised price filters with the final sale price and flag any property showing a “variance for 20 per cent.”
“Then they will request your file,” he said. “This is what I believe the process is in place… I’ve got to say to you, do the right thing.”
NSW Minister for Better Regulation and Fair Trading, Anoulack Chanthivong, told realestate.com.au stronger laws are widely supported across the sector.
“Our message is that we hear you – we’ve developed a package of reforms and are now consulting with the sector to ensure we get the balance right between consumer protection and practical implementation for industry,” he said.
He added that the new measures would empower NSW Fair Trading’s Strata and Property Taskforce to “take meaningful action against misleading conduct in property advertising and transaction and clean up the NSW market.”
The reforms include clearer documentation requirements, stricter advertising rules, and tougher penalties aimed at reducing wasted time and money for buyers in a high-cost living environment.
Source: realestate.com.au
