Sale of property in Plenty, Victoria- Advice Please!

My property in Plenty, Melbourne is just over 1,100 square meters and includes a three/four bedroom house and a huge garage (8 car). It was built I think in the late 70’s and has had some renovations since this time but it really is an older house. The houses immediately around the property and are on one acre lots and mansion like-I can see from realestate.com.au that two houses in the court which runs alongside my house sold for 1.7 and 1.8 million in 2013. There is also a recent sale on realestate.com.au for a larger very modern house in the same street for 1.3 million and this house (given it is further down the street) is on a block of land just under 1000 square meters (so slightly smaller than mine). These houses are far from comparable with mine- an older brick home.

I am renting the house out and a prospective buyer approached the real estate agent I am renting through to see if I was interested in selling. I indicated that I would consider selling for the right offer. Over the course of about 6 weeks the prospective buyers have put in numerous offers. I initially said that I wouldn’t accept anything under $850,000. The offers started at $780,000 and the offer is now at $840,000. I am finding it really difficult to gauge the value of the property as there are not any recently sold properties with similar size blocks and older homes in the area. In October last year I had three agents appraise the property and the values the agents gave were wildly different. One was in the $600,000’s the next was approximately $750,000 and the last was $850,00-$900,000. (Yesterday I called the agent who gave the highest appraisal, $850-900. He sells a lot of property in Plenty and I asked him if he could recall mine. He said he could so without reminding him of the amount he gave me for his appraisal (as I was suspicious that he had over inflated to get the sale) I asked him what he thought he could get for my property now- he said he could get $800).

Also, the prospective buyers are requesting a condition in the contract that the sale is dependent on the sale of their property. This means that I would need to go to the expense of getting the section 32 and a solicitor review the contract when I am not sure if the sale will proceed.

I am inexperienced at selling property and would very much appreciate the expert opinion of the forum in relation to determining the value of my property. I am contemplating going to auction instead to get the true value of the property but I am nervous as I think this may count out the current prospective buyer. I have been told that he will only sell his house if he has something else lined up to buy- due to his specific requirements- he is a tradie and also owns several cars so my house with the huge garage and big carport would be idea.

I am just a bit nervous (okay, very) as this is my one main asset (I am renting elsewhere) and I am a single mum so I really want to make a good decision. I am very grateful for the expert opinion of the forum.

Also, the agent wants to charge two percent commission which seems a lot for not doing a great deal (no opens etc).