|This is 82 Sussex Street. It last traded in 2003 for about $3 million. Today it is valued at between $11 million and $13 million. But it sits there. Empty. Abandoned. Prey to the elements. Prey to graffitists. Prey to squatters. Who would do this? Why would they do this?|
|Who would do this is not the point. Not really. They are an elderly couple who own about $100 million of property like this, all over the city. But WHY they do it is instructive.|
Properties - usually land, but often commercial properties - are left vacant, while the value increases year upon year. Take 82 Sussex Street: from $3m to $13m in 12 years. That's about $830,000 pa. And the downside is the council rates.