[CamB]

Yeah, we have property taxes (we call it rates) - I actually don't know how much it is, but I believe it is around 1% or so.

Jurgen - house prices can't appreciate at supernormal rates for ever --> there are some areas which will do so (because of location, basically), but overall the meat and potatoes of housing, especially when viewed in aggregate, isn't going to increase by more than a percent or two above inflation, or approximately the level of economic growth.

It can't - otherwise people can't afford to live there (there is only so much that people can spare as a percentage of income).

However, I reckon that in a longer term, there is scope for value to be added as lower density is replaced by higher density.