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Council rates valuations are not that accurate. In many established suburbs, blocks of land (or knock down rebuilds) would sell for close to the value of land with a useable house in it simply because the supply is just not there. I experienced this when looking for our PPOR 1.5 years ago.

This x1000. I know of several cases where people purchased in new estates and later sold at a loss. You pay a premium for "new" and anyone that buys in those kinds of areas will want a new house as well because there is still land available to make it possible.