The auction was on 6 April in South-East Melbourne. Before the auction, agent told the interested parties that the couple vendor might not sign the contract as they are divorcing. But only the highest bidder had chance to negotiate with vendor after auction and on Monday. The auction was conducted as normal and said the property had the reserve as such. The result turned out as what the agent said previously. The property was passed in and the highest bidder went in to negotiate and came out in 15 minutes. Then the agent spoke to the interested parties outside that the reserve price wasn’t out yet. The highest bidder had priority to negotiate with vendors on Monday. Tuesday the agent rang that they still hadn’t got the reserve or one fixed asking price. The agent asked the interested parties to go to the office to give the best offer and the agent also said that the highest bidder is willing to add at least $10,000 more above the highest biding price of the auction $655,000 . My questions are: 1. Is any regulation on this kind of auction as it doesn’t protect any buyer’s interest at all? 2. Should I believe what the agent said that the highest bidder is till in the game and will add?