In a property auction in Australia

Mr Mcintosh was the highest bidder for the property and the auctioneer drops the hammer to form the contract between the seller and Mr Macintosh

However, Mr Macintosh felt that he had bid too much and soon regrets his decision, and wishes to take back his offer

i)Is there any consideration in this situation?

ii) What is the considerations for the property?

iii)How would the Courts decide whether there is an intention to create legal relations in this situation?

How could I explain this using topics on Formation of Contract?