When I got into selling Real Estate in January 2000 all the Sales Reps used to tell me that property doubled every 7 years, Some even reckoning it was 5 years.
I always disputed this because it hadn't been my experience. I believed it doubled every 10 years. After about 45 years of owning a home this proved to be true. We owned and sold 3 homes in that time.
Then in November 2013 we bought our current home. It had originally been listed at $1.2m but that was in the boom time. When we bought it, it was listed at offers over $1m. I did my own appraisal of what I felt it should fetch (even though I'd been out of real estate for a few years) and we offered the Vendors $890,000 cash. They accepted. At the time, because we were buying in regional Western Australia in a town where real estate was stagnating we bought even though we felt we could own the property for ten years without it appreciating in value (we felt the lifestyle was worth the risk).
This coming November we will have been here 10 years. We've spent about $85,000 on renovations and changes. A recent Appraisal gave us a current selling price of $890,000 maximum.
So, what is all this waffle about? It appears that Real Estate did used to double every 10 years, but those years are gone. Bricks and mortar are not what they used to be.

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It's now 2022. What do you think now 3 years later since this post?

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