I've found a house that I would love to buy as my first home, in the west side of Melbourne. The property price range is 470k-525k and is put up for auction and the owner is ready to accept offers before auction. After much research, I found that the average price for a similar house is around the 460k mark. I told the agent that I'm ready to give 465k in writing and the agent straightaway mentioned forget this property as the owner is expecting way above 500k mark. Now my question is if the owner is expecting only above 500k, then isn't this a case of underquoting and isn't it illegal in Victoria? I'm still planning to increase my offer to 470k and offer it in writing. If that gets rejected, shouldn't the advertised price range be changed to a range beyond 470k as per law? Am I wrong here or am I getting fooled around by the agent ?