It's been 37 years since 1980. In that time, we've seen house prices across developed economies grow.
In particular, since the end of the 90's we've seen home prices grow at an incredible rate. New Zealand has lead the charge with Australia close behind and it bears the question - is it sustainable and what will happen to future house prices?
There are a number of major factors that drive pricing. For example, world population growth and immigration strongly influence the demand in a particular city or country. Immigration across the world and continued population growth over the next few decades will no doubt see continued increases in prices over the long term.
However, other factors that are often overlooked can also be attributed to rising home values.
The team at School Of Life offer an enjoyable and different perspective on "why homes cost so much".
Whilst based on UK developments, it offers insight for property developers, our communities and government and something we should all consider in the development of our property today and into the future.