A sheltered patch of concrete in Surry Hills, only slightly wider than a beach ball, has fetched almost $1.2 million at an inner city auction on today. Sparking panic across the state.

Despite having no bathroom facilities, kitchen facilities, nearby parking or bedrooms, the fire exit was one of 750 properties scheduled to go under the hammer in Sydney over the weekend.

Journalists from Domain believe the property could have in fact gone for more – if it wasn’t associated with a strict body corporate for the adjoining office building – which dictates that owners and occupants must make room for the building’s employees to exit the premises during fire drills.

Hopeful first-homebuyers were seen crying and holding each other as the price continued to rise higher than any dual income couple under 45 couple could ever dream of affording without two sets of retired parents chipping in.

However, the owners say it still went for way under market value.

The lucky buyer, an overseas investor purchased the site unseen, refused to give his name because he doesn’t need to and the Government is all cool with that.

He has no plans to renovate, or even live in it, at this point.

The latest housing finance figures show that house prices have grown steadily north for six months, but there are fears that the legislation aimed at making sure property investors are never exposed to risk might now be enough.

“It doesn’t take Einstein to realise that every single bill that has been passed since the 1970s favours the Baby Boomers – and it doesn’t take Einstein to realise that there’s a lot of them in Parliament. On both sides” said Morrison.

“Unfortunately, while we might not recognise it. Most of us have an unconscious bias towards not fiddling with the nest egg. So yeah. The show goes on”

“Negative Gearing ’til we die. Hopefully we die before the crash though”


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