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An agent knows roughly what it will sell for going by the median, previous house sales and common sense. In my example above the buy guide was 100k below median. House was in good shape. So they under quoted on purpose to get more interest in the property. The price guide they gave was...

519-569k Prie Guide http://www.realestate.com.au/property-house-vic-aspendale+gardens-119589979 When the median is 670k and you get agencies putting up price guides that are 100k below the median I think that speaks for itself. Sold for $707,000

I worked out 335k by your sale price of 1.7million. You stated he would need to find around 1.45m to build the same house. 1.7 - 1.45 = 250k Stamp duty on purchase price of 1.7million = 85k You have to factor in that he gets to build the dream home of his choice not someone else's dream...

If he is in no rush to move in, gets to build custom house and will save 335k over 2 years. That is a pretty massive saving if he would build exactly the same house as you.