your little story could be proof of a valuer getting it horribly wrong
or proof of just how over priced Perth property is and how much more fools are prepared to pay for a property than it is actually worth.
I remember a particual company during the Tech boom that was deriving income from an existing business and was entering a new high thech business yet to earn income or even sign any contracts.
An independent valuation of the business that was backed by managment valued the existing business @ something like 10 cents per share and the new business assuming major contracts were signed @ 40 cents per share. This did not stop some fools paying upto $1.50 on the market for shares in this company.
No contracts were ever signed and the existing business fell away after the tech boom and the company disapeared.
this was not an isolated incident and the same thing happens in every boom, the Perth property boom is no different
