You've scraped together a hefty deposit... and you've found the home you love in a price range you can afford.

But then on auction day - a flurry of bids goes tens of thousands of dollars above the top end of the price guide... and it doesn't even sell because it hasn't met the reserve price.

And you hear it later sells for much more than that ... leaving you clutching your real estate brochures and looking at your bank balance feeling disillusioned... and shut out.

New plans in Victoria and New South Wales seek to address the issue of underquoting.

So, will these reforms create a fairer system? Will they help first home buyers?

And will the changes do anything to address Australia's housing crisis?