My vote is an emotional buyer who ain't purchasing it for profit.
I wanted to buy on the river there when I didn't know Perth very well about 17 years ago. A neat little property on huge block was on the market for $250,000. I kept watching. No other properties came up for sale. A few years later one sold for around $350,000 and it feautured in API magazine. I thought, "wow, prices have really jumped". In hindsight it was cheap!