Just as Sydney claims the dubious status as the underquoting capital of Australia, ground zero for questionable real estate tactics seems to be Quakers Hill, after a second top-performing local agent has been suspended.
Deepak Bangarh, owner and principal of DKB Real Estate in the heart of the north-western suburbs, has had his real estate licence suspended for 60 days by the industry regulator amid an ongoing investigation into his sales price estimates.
It comes six months after Quakers Hill’s star sales agent Josh Tesolin had his real estate suspended by the Office of Fair Trading amid allegations of dummy bidding, underquoting, high-pressure sales tactics and producing false documents.
“The manipulation of estimated selling prices and the advertising of a property for less or more than its estimated selling price misleads consumers and vendors, and causes costs, delay and time wasted,” NSW Fair Trading Commissioner Natasha Mann said in a statement.
A crackdown on agent conduct by Fair Trading follows an investigation by The Sydney Morning Herald and The Age last year that revealed almost half of all property sales at auction in Sydney sell for more than 10 per cent above the guide, making this the underquoting capital of Australia.
The Minns state government announced last November that it was looking to roll out new rules that would penalise agents with three times their sales commission for offering misleading price guides, as well as mandate price guides on all advertising and a statement of information offered to buyers backing the estimated sales price claims.
Fair Trading investigators into Bangarh claim he had failed to include a reasonable estimated selling price in the agency agreement.
The suspension orders also apply to Bangarh’s private, eponymous real estate company, which is now under the management of McGrathNicol partner Matt Fehon.
Bangarh’s suspension is quite the comedown from his celebrated start to the year, when he was ranked third nationwide in an industry Real Estate Business Dealmakers Award.
“I know I didn’t do anything wrong,” Bangarh said. “I feel like I’m a victim of jealousy and discrimination as a migrant from other agents locally working against me.”
Bangarh’s real estate business had flourished in the wake of Tesolin’s four-month suspension last August. Bangarh clocked up 139 sales last year.
Fellow Quakers Hill agent Peter Diamantidis, from a separate local agency, Ray White United Group, said Bangarh’s success had recently started to emulate Tesolin’s, not only in terms of turnover, but also thanks to his colourful suits and heavy reliance on social media to spruik his results.
At the time Tesolin was suspended last August, he had been ranked Ray White’s top agent, and earned more than $9 million in commissions last financial year.
Tesolin’s suspension was due to be lifted last December, but he was slapped with a second suspension until April pending possible disciplinary action. Among the regulator’s latest allegations are claims of an incentivised commission scheme.
Tesolin has not been shy about his success over the years, talking openly at industry events about his Gucci shoes and Rolex watches. The family wagon was a Bentley Bentayga, and he owned a property portfolio worth more than $15 million.
But last July, an investigation by this masthead into his business conduct revealed that his record-high commissions were fuelled by a questionable, incentivised commission scheme whereby clients were charged tens of thousands of dollars extra by way of a last-minute incentive payment.
The scheme was detailed in a leaked team SMS chat shared by the broader Tesolin office, and detailed how Tesolin could turbocharge his commissions to a total of $420,000 in one day.
Tesolin has previously rejected suggestions that he has breached any of the relevant property laws.
Ray White initially stood by its star agent, but a few weeks later announced the mutual termination of its franchise agreement with Tesolin and his Quakers Hill office. The next day Tesolin relaunched his real estate business under the NGU banner.
More recently, Tesolin has turned from selling real estate to training a new generation of agents through his online coaching business, Peak Mentoring.
The family Bentley has since sold after it was listed for $260,000, and the family home in Bella Vista has been rented. Two of Tesolin’s investment properties that he purchased in 2024 have been put back up for sale. A house in North Kellyville he bought for $1.5 million in 2024 sold last month for $1.7 million, and another he owns in Kellyville Ridge is for sale with a $1.58 million guide.
Tesolin is now based in Rozelle, where he listed, and subsequently purchased, an inner-west parkside house in 2024 for $2.2 million.
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Lucy Macken is an investigative reporter for The Sydney Morning Herald.Connect via X or email.
