"Round 2 is only applicable to you if your round 1 offer was either not your first preference or if you didn't receive an offer in round 1."
I didn't get an offer in Round 1 because I failed to achieve the ATAR, and also because what I wanted to get in was my second preference (don't know why I didn't choose it as first). I have met all the requirements for that course yet didn't get an offer so does that mean there's a chance of me getting an offer in Round 2?
Possibly. If you didn't get an offer this round, depending on the courses on your list of preferences, you may be able to get a second round offer. Even if you got your first preference, you can always apply for a negotiated offer if you wanted your second preference instead.
Also, you said:
I have met all the requirements for that course yet didn't get an offer...
So did you get above the Clearly-In and submitted everything in your application including folios, attended interviews (where applicable of course)?