molonski:Yes up here they have all this land and have made it...

molonski:

Yes up here they have all this land and have made it 'attractive' to people by digging a hole and filling it with water, and building a glorified 7-11 nearby. Then they build a new 4 bedroom 3 bathroom 2 car garage McMansion and sell it as a 'great family location'.

It is still miles from the CBD, and if there is public transport it takes at least an hour to get there.

But they 'sell' a 'lifestyle' and people have been paying a premium for ages. But, people want the lifestyle and the McMansion so they pay a premium for that - the value of that premium is what we will see 'adjusted' in coming years.

I also think the value of units and townhouses will drop - as people look for land to go with their purchases.