[AussieWog93]

What you've described sounds like regular old consumerism.

The type of person that buys the flipped property isn't looking for a long term investment or hassle-free life.

What they want is the feeling of getting something shiny and new without spending a fortune on a properly improved building, even if it means tens of thousands of dollars in maintenance cost down the road.

This is something I've learned in the past year or so through e-commerce, and then mapping the behaviours of my customers onto family and friends that I know. A significant portion of the population enjoy spending money on shiny shit, and buying and getting something new is the end goal in and of itself.

The classical understanding that people will spend money to solve a problem after weighing the benefits against the cost only really applies to the population at large when finances are limited.