That is the consequence of a rapidly rising market, Rona. I can remember some market conditions going back through to the 70's (including the head rush of this current market environment) where prices were moving higher at such a rate that even agents were behind the fast rate of demand and could not anticipate the rapid price rises. Consider that an auction campaign usually runs for circa 6 weeks leading up to the day. In a fast-moving market with high demand, it is not uncommon for the value to rise considerably over a short period of time, which may lead to the false perception of under quoting. For example, in N Queensland during the late 70's it was not uncommon for a property to rise in value by 100% over a matter of weeks, so imagine if under-quoting laws existed then .
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