Josh Tesolin, a leading Sydney real estate agent and his agency Ray White Quakers Hill, are being investigated by NSW Fair Trading over allegations of underquoting. The probe forms part of a wider crackdown on unfair trading practices in the property market.
A prominent real estate agent and his agency in north-west Sydney are currently under investigation by the New South Wales consumer protection regulator following allegations of underquoting.
Josh Tesolin, widely recognised as one of Australia’s leading real estate performers, is at the centre of this probe by NSW Fair Trading. Tesolin, who made headlines in 2021 by earning $7 million in sales commission at just 26 years of age, runs the Ray White Quakers Hill agency. His agency achieved notable success recently, having sold an impressive 549 homes in a single year, 2022, and Tesolin himself has accumulated a variety of industry awards over his career.
A spokeswoman for NSW Fair Trading confirmed to Daily Mail Australia that an investigation had been launched as part of “proactive compliance blitzes into alleged underquoting and complaints.” She added, “As this investigation is ongoing, no further comment is available at this time.”
Underquoting, which involves advertising a property price lower than the likely selling price, is an offence punishable by fines up to $22,000 under NSW law. Agents are legally required to provide a reasonable estimate of a property’s expected selling price in their agency agreement. If a price range is provided in marketing materials, the highest price must not exceed the lowest quoted price by more than 10 per cent.
It is important to note that Daily Mail Australia has not accused Mr Tesolin of engaging in underquoting, but reports that NSW Fair Trading has found sufficient cause to initiate an investigation.
Industry perspectives offer additional context to the situation. James Anderson, director of Bluestone Property Corporation, explained that several factors could cause properties to sell above their quoted price guides. “Often properties that are going to auction can usually sell for up to (or beyond) 10 per cent above the top end of the quote range because auction conditions provoke emotional, competitive buying,” he told Daily Mail Australia.
Efforts to obtain comment from both Mr Tesolin and Ray White Quakers Hill have been made by Daily Mail Australia.
This investigation is part of a broader regulatory focus on curbing underquoting practices in the NSW real estate market, aiming to ensure transparency and fair trading for consumers.
Source: Noah Wire Services
- https://www.abc.net.au/news/2024-08-10/underquoting-real-estate-housing-property-nsw/104202634 – This article reports on the NSW government’s establishment of a task force to address underquoting in the real estate sector, highlighting the proactive measures taken by NSW Fair Trading in response to increasing complaints.
- https://www.realestatebusiness.com.au/industry/17334-huge-fine-for-underquoting-agents-in-hot-sydney-market – This piece details a crackdown by NSW Fair Trading, resulting in significant fines for real estate agents in Sydney’s Inner West for underquoting, underscoring the regulatory focus on this issue.
- https://www.propertynoise.co.nz/nsw-government-to-look-into-dodgy-real-estate-agents/ – This article discusses the NSW government’s initiative to investigate underquoting practices among real estate agents, reflecting the broader regulatory attention to this issue.
- https://www.realestatebusiness.com.au/industry/8576-govt-says-underquoting-is-an-issue-in-sydney – This report highlights the NSW Department of Fair Trading’s investigation into underquoting by Sydney agents, indicating the government’s recognition of the problem and its commitment to enforcement.
- https://thepropertytribune.com.au/industry/residential/137-penalties-and-224-warnings-in-latest-fair-trading-blitz/ – This article details a recent blitz by NSW Fair Trading, resulting in numerous penalties and warnings for non-compliance, including underquoting, illustrating the agency’s active role in enforcing property laws.
- https://www.realestatebusiness.com.au/industry/17334-huge-fine-for-underquoting-agents-in-hot-sydney-market – This piece reports on substantial fines imposed on real estate agents in Sydney’s Inner West for underquoting, highlighting the serious consequences of such practices.
- https://www.dailymail.co.uk/news/article-14641993/Real-estate-agent-underquote-investigation.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 – Please view link – unable to able to access data
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
Narrative includes recent regulatory actions (ongoing investigation) and references 2022 agency data. Compliance blitzes suggest current relevance, though no exact publication date provided in the text.
Quotes check
Score:
7
Notes:
Regulatory spokeswoman’s statement appears original to this narrative. James Anderson’s quote about auction dynamics aligns with industry practices but lacks independent verification of exclusivity.
Source reliability
Score:
6
Notes:
Narrative originates from Daily Mail Australia, which reports allegations neutrally but lacks the editorial rigour of institutions like Reuters. Includes named regulators and industry figures for balance.
Plausability check
Score:
9
Notes:
Claims align with NSW regulatory priorities and known underquoting enforcement. No implausible elements detected; investigation rationale supported by existing laws and industry expert commentary.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
Narrative demonstrates current regulatory scrutiny, credible sourcing from regulators/industry figures, and plausible claims consistent with NSW enforcement practices. Requires monitoring for investigation outcomes.
