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If a house is 80% over valued then it's "true value" is really 20%, for example if a 1m house is "truly valued", it's real value is 200k

When is 20% of 5m not 1m or is there something I've missed? Apparently houses in Australia are 80% over valued

Wow so I can buy that house on the beach in Brighton that currently is 5m for 1m. When's all this happening. I want in! Let me guess, your mate hasn't got much wealth behind him?