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It depends on the price vs comparable sales. There is usually less competition for the more expensive properties, and sometimes they are overcapitalised, which means you get more property for your money. I have never found the cheapest properties to be overcapitalised.

For investments it's all relative. A fruit analogy: If the apple you're looking at is cheaper than comparable apples, while the banana is more expensive than or similar to comparable bananas, then isn't the apple better value if both types of fruits yield the same return over the long term...