In that article it says the suburb of Dandenong has risen 30.1% in the past 12 months. Median price of 500k.
In terms of liveability, Dandenong sits up there with Baghdad.
Kids take knives to school and the area surrounding the train station is run by Somalian and Ethipopian gangs.
In the early 80's it was a boom suburb, you had to park 2km's from the main street to get anywhere near the shops. Big Industry in the area kept everyone in jobs. It was the place to be. Thats a 'BOOM'.. yer?
Now the place is deserted, full of immigrants surving on welfare and empty shops on the main thoroughfare, the only businesses thriving now are Cash converters and The 2 dollar shop. And possibly the big budget chemist handing out the Methodone.
So, unless they've discovered Gold or Oil sitting underneath these houses its pretty safe to assume we're in an Asset bubble, yer?
Because whats happening in Dandenong now is not a 'Boom'.
