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Pretty much the same way as you, Y-Man. I think it's common for the vendor to play their cards close to their chest with the agent. I think this whole argument about 'under quoting' holds more sway in a bull market, when it's obvious that a property will likely go way over the quoted...

^I think how it works is that the price advertised must be within x% of the agent's estimate. This is what 's on the sale authority as the agent's opinion of value. However, that doesn't stop every second vendor from being convinced that their house is, of course, worth more than the dumb REA...

Surely it can only be reflected in the price you pay if you are made aware of the problem & adjust your offer accordingly? A few hundred bucks is just a cost of doing business on a transaction worth many hundreds of thousands. It's cheap insurance.