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Haha how funny I am trying to sell something agents tell me around 1.5m and told me to quote 1.3m plus.

Melb inner city. They might get it. Quiet spot though, a quasi development site.

Looking at a place for private sale quoted $2.6m+ So I offered $2.8. Vendor rejected it and wants $3.3m

All that would happen is vendors would build it into the expected sale price.

True but home buyers are buying a consumer item as much as an investment. Is there a price to one's home?

Agreed. It's frustrating you can't buy at the price you want. But that's free market. If you over-regulate, all that will happen is sales will be undertaken by private tenders with no official deadlines and your offer will be shopped around longer, which would work against you. Of course, we...

The reserve is normally not set until during the auction based on actual bidding activity. If bidding stays below the range, there is no need to set a reserve because it'll pass in. If bidding is within the range, the vendor needs to start thinking about whether he/she wants to sell. If bidding...

But the quoting occurs before the auction. The vendor is perfectly entitled to adjust his expectations on the day based on market data, which includes feedback from open inspections and actual bidding activity on auction day. Put another way, if the agent "over-quoted", would we have an issue...

There is no real way around it. Nothing stops someone bidding above a quoted price. I'm not really sure what the issue is. Obviously someone is willing to pay. How does quoting it a higher price help the person who missed out buy it?

It's a buyer's market at the moment, and with a currency like this, the globe is our market. So many opportunities. Thus if an agent wastes my time with underquoting, I just move on to the next opportunity. Recently encountered one such agent. Not even bothered about the auction. If it passes...