(CNN) A derelict home in inner city Sydney sold for an incredible $1.1 million this month, illustrating why frustrated potential home buyers feel locked out of the city's property market. This house in Newton needs a full restoration -- but still sold for $1.1 million Australian dollars ($816,435). A dilapidated home in Sydney's bohemian Newton neighborhood sold last month for $1.1 million Australian dollars ($816,435). House prices in Sydney have nearly doubled over the past decade, from an average of 465,030 Australian dollars ($360,967) in March 2008 to 878,325 Australian dollars ($681,810) in March 2018, according to CoreLogic. When the Stanmore house was last sold in 1997 it went for 312,000 Australian dollars -- just under $499,000 Australian dollars ($387,741) in today's rates.

Source: CNN April 18, 2018 23:54 UTC