An article in Saturday's Sydney Morning Herald lists the top ten suburbs in Sydney for house prices.
BEECROFT came FIRST! Median house price $1,265,000, Yearly Change 35.3%, 5 year change 62.2%!
The article mentions, and the statistics presumably rely on, a modest bungalow on 1000 sqm in Richards Avenue, which had a price guide of $1,100,000 yet sold at auction for $2,385,000. Selling for this price at auction suggests there were at least two bidders ready to pay this hugely inflated price, and one has to assume they were foreign investors with no idea of local property prices. The buyer at least has a Chinese name.
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