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It's worth what someone is willing to pay. Don't get too excited by bank valuations. Good or bad.

I know the inner city market well, which is why I mentioned my situation. I'm also a licensed estate agent and auctioneer of 20 years, so forgive me for having had 100's of examples where owners think that their house is worth far more than they often are. That said, I left real estate 4...

Fair enough. This article from the local Leader states 24.5% growth in Northcote, which is still below the OP's 32%, but it shows that it's feasible. http://northcote-leader.whereilive.com.au/news/story/could-you-afford-to-buy-in-darebin-now/

Or maybe it's not worth what he thinks/hopes it is. And yes, I'm well aware of what the market was doing late last year. Perhaps he bought off the plan, or there are some other miraculous reasons that his property has outstripped all other growth by over 100% in this narrow time frame.

Forgive me for being sceptical, but having owned a SF renovated Edwardian cottage in Richmond for the last 14 years, which we just sold at auction, I'm very dubious of your stated "growth" over the last 12 months.