Have We Made Reserve Yet?

I requested a sale price for Pinnacle Cres, Bulleen. Fletchers Real Estate, Balwyn North's selling range was quoted as Price on Application but upon further request the range was quoted as $700K-$800K. This was discovered upon inspection because the agent had not answered my calls. On the day of sale, another agent indicated a sale price of above $800K.

The old 1970's home had 4 bedrooms, a lounge and rather a larger kitchen. It's laundry hadn't been renovated since it was first built. The garden was advertised as an "oasis garden".

On the day of auction, potential buyers were inspecting the property. The agents welcomed the buyers as they entered the property. The funniest thing happened when the agent introduced herself to one potential buyer. The client said "So your the one that doesn't answer my calls". I knew exactly how he felt.

Auction started slow but soon took off. Before we knew it the bidding had gone over the $800K. The auction stalled when one bidder asked if the home was on the market. The agent responded by saying the crowd was close. The crowd got a little annoyed as the price was heading towards the $850K mark and was still "not on the market". How much did the vendors want for an old 1970's home in Bulleen that was quoted $700,000 to $800,000 during its campaign. The agent replied by saying (whilst still taking bids) that they were consulting the vendor. The agent came out and said that the crowd "was close". The vendors wanted more. A potential buyer placed a bid of $500 but was not accepted at $860K. The bidder was asked to raise his bid by $5,000. This indicated to be that the property hit reserve at $865K, even though the auctioneer came out and said that the property was on the market.Eventually the property sold for $915,000.

If agents/vendor were looking at a reserve of $865K why not quote $800,000- $900,000, instead of saying "we are quoting $700,000- $800,000. I would not have attended this auction had I known.