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The EF400 is a notable all-in-one R2R DAC/amp, but A$650 is well above the usual used market for it. Against your own benchmark, it sits far past the 75th percentile at A$392, so this is an ambitious asking price rather than a fair buy.
What keeps it interesting is the sound: the EF400 is well liked for its smooth, slightly organic presentation and plenty of drive for most headphones, with a robust desktop form factor and balanced output. If it includes the original PSU and cable set, that helps, but even then the listing needs a meaningful discount to make sense. At this price, I’d only bite if condition is exceptional or the bundle is unusually complete.
Independent perspective — not a price guarantee. Always verify condition, accessories and provenance before purchase.
Hifiman traces its origins to 2005, when Dr. Fang Bian, a chemist with a lifelong passion for audio electronics, founded Head-Direct in the United States as an online retailer and headphone developer. By 2007, he rebranded to Hifiman, relocating manufacturing and R&D to Tianjin, China, while maintaining sales operations in the US and beyond. This fusion of American entrepreneurial drive and Chinese production expertise propelled the brand from modest in-ear monitors to global prominence.
The company specializes in high-end headphones, particularly planar-magnetic and electrostatic models renowned for their detail and soundstage, alongside complementary portable digital audio players, headphone amplifiers, and cables. Early milestones like the 2009 HM-801—the first pocket-sized high-resolution player—and the HE-5 planar headphones established its innovative edge, with co-founder Binwu He pioneering planar technology integration.
Hifiman commands a elite position in the audiophile market as a high-end leader, delivering reference-grade performance that rivals legacy brands. Its products earn consistent acclaim for transparency and musicality, appealing to discerning buyers seeking uncompromising planar transduction without vintage pretensions or mid-tier compromises.
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