Auction - Albert Park

Auction Date: October 25, 2025

The $280,000 Con: How This Agent Used a $2.20M Quote to Sell for $2.68M

The Disappeared Intelligence: 45 Richardson St Albert Park

This case study perfectly illustrates the systematic under-quoting strategy that wastes buyers time and drives up final prices. We tracked the agent's price revisions from the moment the property was listed until sold.

ALBERT PARK

45 Richardson St (click link)

Advertised 30 Sept $2,200,000 - $2,400,000 (click link)

Revised 15 October $2,300,000 - $2,500,000 (click link)

Auctioned 25 October. Passed in Vendor Bid $2,400,000

Revised 28 October $2,680,000 (click link)

Sold 31October $2,680,000.

Scott O’Halloran. Marshall White

Agent Reliability: Low

The Shocking Reality

The agent started at $2,200,000 and then strategically increased the bottom of the range to $2,300,000 to attract maximum interest.

The final sale price $2,680,000 was +21.8% ABOVE THE LOWEST ADVERTISED QUOTE

What This Means for You the Buyer

1. Wasted Time: If your budget was $2,400,000 you wasted weeks on a property that was $280,000 outside your budget. 
2. The Red Flag: The multiple price revisions are a clear sign of an agent attempting to manipulate the market and the buyer pool.
3. The True Price: The home was likely worth $2.68M all along. The lower quotes were simply bait.
4. The Lesson: You need to know the agents quote vs actual price history before you attend the first inspection.

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