A billboard displayed on the corner of William Nicol and Peter Place reads as follows:

"Auction on 15 July 2021 for a smallholding (portion 1 of Farm 867, West Road, Kyalami) at 10am sharp. Property is next to Lion and Varksvlei roads, 9950 square metres of vacant land in GREAT area. MUST BE SOLD! - Lightning-Fast Auctioneers"

Mr Smith decides to attend the auction. Before the auction is held, the auctioneer announces that the advertised smallholding is located 500 metres further down the road and that they are actually on Farm 870, not 867. Mr Smith arrives 15 minutes late and misses this announcement. Nevertheless, he purchases the property. In his excitement, he signs the deed of transfer without properly reading it, and pays in full. Mr Smith later finds out that the property is only 9000 square metres and is not the property he believed he was purchasing. The auctioneers hold that this was an innocent oversight on their part. Mr Smith approaches you for advice. He wants to know his legal position and the requirement for a valid contract to be concluded. He is unsure if the contract he has entered into is valid, voidable, or void. He likes the property he has purchased but feels he paid too much for it.

Assume that all formalities have been complied with and that the auctioneer acted with the requisite authority as an agent on behalf of Lightning-Fast Auctioneers.

Analyse and discuss in detail the contract at hand and whether Mr Smith is bound to the contract of sale. Give reasons why he is or is not bound, and the applicable remedies.

Refer to case law, statute, or any other applicable sources of law to substantiate your answer.