advertised prices no matter where they are spruiked are no reflection of reality, most people should know it
Redland Bay in QLD, the last place I bought was a classic example, a block once advertised for 14 million not far from one that settled for 500k. On realestate.com.au 90% of prices in the suburb were about at least 50% above recent sales
the only people caught out are the ones who dont shop around or dont look at recent sales history in the area
I would imagine most people do their homework, or the bank does it for them in the valuation
