Thanks for all the replies. I didn't make it clear at the beginning, that I already own the property, and that a local REA valued it at $480k. It was such a good value, that we decided to sell it. But i wanted to know what others thought of the value.
Well, to cut a long story short; The agent, after 3 weeks, advised us to drop the price to $435k so that it would sell !!!!!
I told him, very politely, what to do with the selling agreement.
We are now actually thinking of selling it, but I would never use that agent again. We had another agent value it, after that event, who said about $440k would be the right price.
The reason for considering selling, is to re-invest up here in Brisbane. We've maxed out on borrowings, (against income) so it seems the only option.