auction clearance rates, page-4

I agree

The trouble is that the reserve price is determined by the seller on the day and that is the 'out' for the agent in that they can say the guide was accurate but cannot sell under the reserve set by the owner on the day. Notwithstanding, the reduction in guide price by $100,000 would indicate that they priced it wrong in the 1st place or the market took a dive in those 2 week causing a revision :)

The whole thing was grubby and I think there is a case to indicate that the 'bidder ' was only that in name only, if you know what I mean.

At least he did not keep on bidding against himself which would indicate that he was very inexperienced / dopey or that he was merely playing a part in a murky real estate play.

All the best