Alice Stolz

And it's not just like what can happen in the metro cities where people might have to go a few kilometres down the road or something to a neighbouring suburb.

Often in regional areas, people have to go hundreds and hundreds of kilometres away to find the more affordable area that's also accessible to get into and really also one with decent infrastructure in place that they're going to be able to set up a life there.

I'm talking good connections to the cities, good medical services and good schools and that for what family they might have.

So we're really sort of spreading where we're living further and further afield of what we have for many hundreds of years up until now.

It's a staggering situation.

And so the sale of this property on St George's Road smashed all the Victorian price records and is actually also the third highest residential sale in Australia history.

So it's an incredible situation.

The land size itself is around 7,000 square metres.

The house is in complete and utter disarray and has to be condemned, basically knocked down and, as you said, rebuilt.

But it's just mind-boggling, isn't it, to think we've got people who can't afford rent.

If they can afford rent, they can't get a rental.

We've got first-time buyers who are priced out of the market.

We've got upsizers who can't upgrade in the market.

There's not enough stock.

And then we have this other area where there's probably not that much oxygen, and they've got people buying houses for over $80 million.

Now, these buyers clearly are not impacted by interest rate rises.

Yeah.

And it's just extraordinary the breadth, I suppose, of the Australian property market, of just how far we've come, for better or worse, that we have just such a huge sort of chasm between either end of the spectrum of the have and the have-nots in Australian property.

Yeah, it was bought by Mr. Ed Craven, who is a crypto king, I suppose, a millennial businessman, we might call him.

And he's around 26 years of age.