If you are in any way concerned about underquoting or how to combat it, then have a look at the legislation in Victoria.
This is a quote from the bible any real estate agent must follow by law.
Seller must be given estimated selling price
(1) Before obtaining a person’s signature to an engagement or appointment to sell any real estate on behalf of the person, an estate agent (or an agent’s representative employed by the agent) must ensure that the engagement or appointment states the agent’s (or representative’s) estimate of the selling price of the real estate, and that the estimate complies with this section.
Penalty: 100 penalty units.
(2) The estimate—
(a) may be a single amount or a price range; and
(b) must be the amount the agent or representative believes, on the basis of his or her experience, skills and knowledge, that a willing but not anxious buyer would pay for the real estate, or in the case of a price range, the range within which that amount is likely to fall; and
(c) must be set out in a manner approved by the Director.
(3) If an estimate is expressed as a price range, the difference between the upper and lower limits of the range must not exceed 10% of the amount of the lower limit of the range.
(4) Nothing in this section requires the estimated selling price and the seller’s reserve price to be the same amount.
Property advertising must not be misleading or deceptive.
It is illegal for a seller or agent to misrepresent a property in any way when advertising or marketing that property, whether verbally or in writing and photographs.