ABS 5204.061 Total Residential Land Australia, 30 June 2022: $8701.0 billion.
ABS “Total Value of Dwellings”, 30 June 2022: $9983.4 billion.
Therefore, land comprises 87.15% of the total value of the average Australian residence.
So why do we say ‘houses’ are dear when the average dwelling is less than 13% of the total cost? To be more precise, shouldn’t we be talking about how to keep land prices down?