A hopeful home buyer has criticized the Australian housing market after a property they were looking to purchase sold for $1 million above the price guide.

The four-bedroom house at 10 Murray Street Marrickville in Sydney’s Inner West sold for $2.91 million at auction on Saturday, despite a $1.9 million price guide that was later adjusted to $2 million.

Bidding opened at $2.35 million and after quickly exceeding the property’s $2.4 million reserve, a Bellevue Hill father purchased the home for his daughter by winning the auction with a bid of $2,912,000.

After the auction, one of the bidders expressed disappointment and said they were stunned that the final sale price was $2.9 million, according to the original price guide.

‘This appears to be an example of an extremely unethical approach with unrealistic guidelines,’ they explained.

‘I can understand them putting the guideline 10-30 percent below what they really thought, but this is crazy.

‘The winning bidder was a wealthy father who clearly made an emotional purchase for his daughter, so am I right in thinking this is a coincidence?’ they asked.

‘Make it logical. ‘Is there anyone I can complain to formally about poor guidance?’

The four-bedroom house in Marrickville in Sydney’s Inner West sold for $2,912,000, more than $1 million above the property’s original price guide.

One active bidder criticized the price guide as ‘unrealistic’ and questioned whether auctions across the country were being won by ’emotional’ buyers. Pictured: Stock image of an auction

The Australians said the winning bid was not unusual and many auctions were won by people with money and emotional buyers.

‘That’s the problem with all the missing citation complaints. One person said everyone was willing to put in “a little bit more” to win the house.

‘We spent 18 months actively searching the Inner West,’ wrote another.

‘In our experience, what happened to you is unfortunately not unheard of and, by the end of our investigation, was almost expected.’

‘What the agent wants are emotional purchases. So, it’s more the norm than normal. “Also due to the general unethical nature of the entire industry, under-citation is very common,” said a third.

A fourth advised: ‘Ignore price guides. Compare it to similar sales in the area and set your expectations from there.’

Others harshly criticized bidders for their final offer of $2.7 million ($800,000 above the guide), claiming they were part of the problem.

‘You bid $800,000 above the advertised price. EIGHT HUNDRED THOUSAND. My friend. “You are as much a part of the problem as the person who made the $2.9 million bid,” one person wrote.

‘They went over 800k and made it sound like the problem was with the other buyer,’ a second person added.

The winning bid of $2,912,000 came from Bellevue Hill’s father, who only inspected the house once, just 30 minutes before the auction.

He bought the property for his daughter, who fell in love with the house and told her she wanted to move back to the area.

Her daughter had previously rented a house in the neighboring suburb of Newtown before returning to live with her family in Bellevue Hill.

The value of the house has more than quadrupled; records show the house was last sold in 2007 for just $625,000.