Rules aimed at cracking down on properties being advertised with vague or misleading price expectations have now come into force.

Agents in New South Wales will no longer be able to list a property as just being “for sale”, “expressions of interest” or “contact agent.”

They are now required to set an estimated selling price and include a selling price or price range on advertisements. Agents and sellers will also need to provide a formal “statement of information” explaining how that price was determined.

From October 1, Victorian real estate agents are required to disclose the sale price of a home within seven days of a sale.

It aims to improve transparency about transaction prices, so that other buyers can gauge price trends in their local area or to assess the accuracy of advertised guides.

Earlier this year, a survey by Finder of 1010 respondents found more than a quarter of buyers felt they had experienced underquoting or fake bidding at auction.