Yeah it's crazy over there! Reminds me of the States in 2007! I spent a month in Sydney back in 2014 and the prices were already crazy then! I'd love to live there actually but that housing bubble needs to burst first!
And taxes on investment property here are actually higher than on primary residence. Price swing depending on states. $2.4 million for a house in San Francisco, CA and then $80K for one in the middle of nowhere Missouri.
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Wow! A small country town for an old weather board run down near collapsing home will still cost $150k and that won't even get you water mains. Not even a natural gas connection.
$2.7m US is $AUS3.4m that's less than house prices in the city. Malvern a suburb just outside of the city is probably 5m and Toorak looking at 15m.
I just had a look at south Melbourne, dog boxes (small apartments are $1.5m a home is looking like $8m
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