Nedbank surely do not want clients

We just had our Home loan application declined as Nedbank valued the property that we want to buy completely wrong! According to the Municipal value almost 2 years back it's R2.3 million. How on EARTH can it be worth R2.3 million today? Plus everyone knows municipal values are normally much lower!??There are almost no houses in the Estate for below R3 million? We looked at a house here that was in the market for R2.9 million and it does not even compare to the property we've been renting for a year and want to buy. With combined income of more than R110k/month - SURELY losing us as Customers. ABSA had the SAME property as a replacement value of R3.25 million! Explain that!! ?