China’s falling real-estate prices trigger protests, clashes, page-110

It's all relative, you can buy a cheap house on 1000sqm in Australia for under $90k. Blocks of land for under $10k and there are towns where they will give you a block of land for a peppercorn $1 but not many people want to live in these remote places.

Prices are high in certain locations because people are prepared to pay the price to live there, if the can't afford it they look to the closest location they can afford