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In China and most Asian countries, good schools are usually public schools. Private schools (eg international schools) are usually for rich kids who couldn't get into a good public school, and the parents are embarrassed about sending them to a tier 4 school. Hence Glen Waverley High in Glen...

Sophisticated investors. Why pay $5m for a Glen Waverley site for development when I can buy in Brisbane CBD and build 15 stories?

Yep it's out of control. The question is, is this change permanent? ie will Glen Waverley now forever sell close to Albert Park/South Yarra prices, or will it all crash when either the Chinese disappear or become more sophisticated?