Real estate guru and The Block auctioneer Tom Panos has said agents may be “branded” and “humiliated” from new auction regulations in a fiery video posted online.
Mr Panos begins the video discussing real estate agents who do not offer price value estimates to both vendors and buyers.
“How hard is it to actually say to the vendor I think the price of your property based on comparables is 1 to 1.1. That is my estimated selling price,” he said in the video.
“It’s also not hard to actually turn around and say to a buyer – my selling estimate that is on my agency agreement is 1 to 1.1. This is not rocket science.”
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Tom Panos spoke on offering price estimates for vendors and buyers. Picture: YouTube
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Mr Panos said the world of auctions is going to be very different in both Sydney and Melbourne this time next year.
“Sydney, they are going to be very different because I think by this time next year and even before that we are going to see price guides on the advertisements of every property.”
He said this would be reflected on online real estate platforms.
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Mr Panos spoke of new regulations that may come into place for underquoting agents. Picture: YouTube
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In the video Panos also discussed his meeting with NSW Strata and Property Services Commissioner Angus Abadee, noting there will be massive changes to auction price guide legislation in 2026.
“It’s obvious he is hellbent (on) sorting out this underquoting issue,” he said. He added he has believed that putting price guides on auctions “is better for everyone” for a long time.
“When there is a price guide on a property more buyers actually engage with that advertisement, it is a no-brainer,” he said.
“NSW is the only state that at the moment basically gives agents two options with price quoting, either saying nothing – or give you a price guide of a 10 per cent range (of what’s written in agency agreement).
“I’m pretty certain that is going to be changing.”
Mr Panos said agents who underquote will be “branded” and “humiliated”.
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Mr Panos said “the single one thing” that will change the behaviour of real estate agents around price quoting on auctions is “the humiliation of actually be branded an underquoting agent”.
“From what I can understand, and don’t be surprised if this is going to actually be in place, if you have been caught underquoting you’ll actually have it up on your signboards, at your properties, at your window display, you’ll be branded, you’ll be humiliated.”
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According to Mr Panos, Sydney auctions will look very different this time next year. Picture: Monique Harmer
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According to Mr Panos, this will stem from further government crackdown.
“I think what the government is thinking to themselves, if two and three thousand dollar fines aren’t doing it – what we’ll do is we will actually get you emotionally,” he said.
He added he thinks there will be less auctions in the future.
Mr Panos also revealed the market has been cooling in the lead up to Christmas, possibly due to expected interest rate rises for 2026.
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