So the Real Estate market has collapsed?

On the weekend bro and I went to a house opening in Bicton. The house was one that our family owned which we sold in 1993 for around $215,000. It is now on sale for $990,000 - $1.o5M. The house has had a very nice work-up since we sold it, but it is still a timber-framed asbestos clad three bedroom suburban dwelling. Here is a pic from the advert:

Also on the market is a country residence in the town of York. York is a lovely country town with a lot of Western Australian history. It has many fine colonial buildings and a vibrant art and museum culture. We could live there. This York residence is a major building and whilst I can see that working in the city, accommodation can command high prices, the York house wins on value. Trouble is ...1. We would be really stretched to find that sort of money. 2. We like where we are and 3. Once we start to get really oldie-sick we would have to be in Perth for serious treatment. And one other thing....we would need servants just to keep the place clean.

Here is the York place. See it here.