Some property is doing well. Or more likely, some people have more money than sense.
A project home, completed a few years ago, in our street sold for $2.3m last week. Around where we live "normal" for a freestanding house is $800k - $1,200k, with an occasional house going up to $1,600k if it is either new with good land or fully renovated. A pool usually helps. A block of land similar to the one the house was on would sell for about $900k. The project home put on it would have been about $400k Add $200k for a pool, landscaping and the rest and you are looking at a total cost of $1,500k. And this is what it would cost to do now. So someone has paid $800k or a premium of 50% to get a new house. Total stupidity.......
