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Correct - which is why they often do auctions as that is then justification as the highest price being what the market value is.

One thing I have learnt is that there is very few bargains in the mortgagee auction world - well what I have found in Perth. They seem to attract more buyers hoping to snag a 'bargain' which drives prices up. And the banks are very keen to sell at good value. I tried to pick up a 1960s duplex...