2 years ago i went to an auction in the inner city suburb of Croydon (not a premium suburb) -- holly molly some guy bought a shack 600m2 of land for $670,000. wtf.. demolish and rebuild will cost another 400,000.
that's a million bucks. hard to imagiine that selling for 1.2 million for a 20% return.
like they say here in hotcopper... whoooooooooosh.
real estate views sydney, page-38
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