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Same story where I live. You can’t get a house for under $1M, and even flats go for $600K. Just a few months ago, someone bought an old house near me, knocked it down, cut it in half and sold the two (attached) houses for $900K each.
This may level off, but I don’t see the boom ending any time soon. The vast majority of buyers are wealthy folk from overseas, and that’s not likely to change any time soon.
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