It makes sense. You can complain to the ACCC but unless you've got the estimate in writing I imagine it'd be incredibly hard to prove that they're breaking the law, and without such proof the regulator can't really do much
I think legally they have to be within 10% of the official valuation of the property, but I suspect they often dip below that because it is almost impossible for the potential buyer to know what the official valuation has shown
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