Acorn I can remember what it was like 30 years ago. I bought my first investment property in Scarborough WA. Old dump on a 600 sqm block 200 metres from one of the best beaches in Aus.
Paid $38k and I was earning $30k as a fisherman. Since then there has been boom and bust in WA but each time it rises it never goes back to below where it started. Two steps forward and one step back for 30 years means those days of relatively cheap houses have gone. The biggest dump of a house in that suburb now would cost $800k plus
Even country WA is not cheap for what it is. Victoria may be different.
