There was a property in a neighbouring suburb to where I live that is on a main road about 500m downwind from the city wastewater plant and bordering an industrial estate with a concrete plant that sold recently for 1.4m AUD.

I'm assuming they got a permit to subdivide which made it more valuable, but still an insane price.

The land cost $38k in 1988 and it was sold a couple of times in the last five years in the 500/600k range. For the boomer generation that bought years ago, they're laughing. Not so much the millennials unless they can inherit these overpriced properties.