Couldn't buy the block of land my gran's house is on for that. A large number of the houses in my area that are/will be up for sale are post-war fibro houses. The $650k+ prices are land value only, with the houses getting knocked down in favour of something more modern.
The blocks of land are sizeablenothing like what you see in new estates these dayswhich has encouraged a considerable number of buyers to construct duplexes and then rent or sell twice. Of the numerous houses in my street alone, not one has been torn down, constructed, and occupied by the same people. It's disgusting.
A friend of mine lives in a house 2kms from mine and is on one of the tallest hills in western Sydney. It has been there for over a century. You can stand in his front yard and see Centrepoint tower and the surrounding CBD with ease. His area has recently been re-zoned to R3 medium density residential. Multiple adjoining blocks have already been acquired by developers. Goodbye lovely view.
The street behind mine and a few past it have been allocated R3 zoning too. It used to be housing commission, but was sold off a while ago. Now it's ready for developers to fill it up with units. The closest R3 zone has already filled up with units, so it won't be long now.
Thinking about the new residents in the soon-to-be units. Hope they like slow internet; they can join me on the Parramatta exchange about 3.5kms in line length away. Optus cable runs through these streets, so there's no NBN coming either. It'll be pretty congested.
I see this all too often, too. Not seeing it much in Geelong thankfully, people there just prefer to buy and rent out properties. But where my girlfriend lives in St. Albans (and other suburbs we see as we travel) all you see are those ugly-as-sin black brick two storey townhouses with rendering on the first first level, usually with at least two (sometimes three) residences. One of these is being built next door to her flat (it was an empty block) and the construction work looks shifty as hell.^ Very similar around us atm, most of our neighbours bought their places in 2000-2005 on 4-8 acre plots for 300-500k. Area was designated for medium residential density (up to 3 stories...) not too long ago and developers have come in offering them $2.5-3M+. Most have sold now which is a shame as there is a lot of wildlife around here.
Just so glad that houses in Geelong which are usually really nice (cute little 3BR 60s houses, usually... and single owner) seem to be staying as they are. Infuriates me what I'm seeing in Melbourne and I don't want to see it elsewhere. It just makes a suburb so goddamned soulless while people just look for a quick buck.