that 28k example for an apartment was probably on a price/income ratio of 1-1.5 for average people in the local area. CHEAP, very very cheap
sold around 70k a few years later, price/income ratio 2-2.5 average income. still cheap even though its more than doubled in a few years.
today how much would it be? 300-350 at the beach? price/income more 5-7 which is expensive. no offence but i'm guessing its probably a bit of a dump yet a buyer has to pay historically high prices to live in a dump?
the same goes for housing commission homes i have seen which were sold for 25k in the mid 1980's and now vendors are asking 400k for 2 bedroom fibro's that would need at least 50k spent on them but really should be bulldozed.
