I live towards the water end of Pyrmont, 2 bedders are fetching 1mil nowdays some people might say it's a prestigious area, and I can honestly say I'll have no issues moving out west on a 750sqm+ block and have my own shed, cars, motorbikes, boat, dog, and home gym and I'd never look back. But then again, that's just me I'm told by my friends that I'm a grub lol
My point is these areas are providing a lifestyle that other areas can't provide for that pricepoint.