Holy crap, that’s bananas. The annual growth of house prices is beyond insane, although inflation is catching up now, nice money for the banks even with the currently silly interest rates.
The missus today showed the real estate ad for her family’s old house in the sticks, ten miles from the nearest small town, 40 miles from the regional capital. A nicely renovated old 3 brm weatherboard, probably built in the 1930’s.
On 40 hectares which is all out the back of the house and not particularly useful, sandy soil, but the place is listed at nearly one and a half million.