Jettison said "Houses and land remain the same. It's the money that depreciates in value. It's called inflation "
Taking inflation into account the structure depreciates heavily. A few decades ago I bought the house I live in now. I knew nothing of "median" then but what I bought was close to it at the time. Today, the block would be worth more if it were "clear and levil" if I were to sell it.
"Unfair" do I hear you shout? "it is now a 'development block'." True, but if I accepted the price offered I could not buy another good residential block for the money. The vast majority of property in the "old" town has little premium over land value.
