[hackerfromthefu]

That house is not in the same context as 20 years ago. Constant growth provides more amenity for the house than previously, and higher competitive desireability.

To get an equivalent house you need to go further out to a less developed area with less people competing for the house, and there you will find cheaper houses.

I'm not saying it is sustainable or what the values should be etc, just that the past conditions != todays conditions despite it being the same latitude and longitude.