The Australian economic miracle may have seen real net wealth triple over three decades, but it hasn’t been shared evenly – thanks to the housing market
The house in West Hoxton is about as far west as you can go from Sydney before you hit cow paddocks. It is further west than Parramatta and Lakemba, further than Liverpool. Just getting there without a car takes an hour-plus train ride, a 30-minute-plus bus trip and a 10-minute walk along a network of six-lane highways. Head another few kilometres west and the sheer cliff of urban sprawl dissolves into open fields.
A sign out front says the auction will be held in four weeks’ time as the flag of the real estate agent flaps in the breeze on this warm winter’s day. The house, in all honesty, is nothing special. Though it boasts two of everything and five separate bedrooms, at any other time, in any other place, you would drive right by without giving it another thought.
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