^Nope take a look at carsales.com.au and you'll see a lot of series 1 models for that sort of price and cheaper.... The fact is these cars are getting cheaper and cheaper - I ran a search on J-Spec's website using the auction prices feature, filtering down to only 2006 and 2007 series 3 coupes and got an average 'landed and complied' price of $26,000 for cars hich have been auctioned in recent months. Factor in on-roads and you'd still be looking at under $28k for a series 3.
As Nightcrawler said you will want to get a thorough mechanical check done, there is every chance the KMs are not genuine - unless you have the Jap service records or get sound mechanical advice saying otherwise. A couple of good indications of whether the kms are genuine or not include checking the drive belts for cracks (they should start showing cracks at around about 50,000kms), checking the in-cabin air filter (it may have a sticker on it telling you how many kms the car had done when it was last changed!), check for rust on the underbody, wear and tear on the upholstery etc... Not wanting to burst your bubble but I'm speaking from experience. My first V35 which is no longer in the land of the living (accident not mechanical problems!) was a 2003 and the kms were most likely not genuine, but that said mechanical and my own visual inspections still left me satisfied it was still in very good condition. That to me is the most important thing.
Good luck with your purchase and as Nightcrawler said, you are investing in the best bang for buck car out there