So the problem is that people aren't being paid slave wages? Estimates are that labor is 35-40% of the cost, while materials are 50% of the cost. That seems a little high but not unreasonable

> That isn't really happening because new houses cost even more!

Could it also be a factor that wealth is extremely concentrated at the top, and the people at the top own a vast outsized share of the land. 25% of the properties in Australia is held by the top 1%. People who own a lot of property are getting fabulously wealthy when the median home price is $950,000AU, just not people who need to put a roof over their head.