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Assess the relative importance of the factors you have identified, ensuring you cover both supply and demand factors.

Using academic literature and available statistics, explain the factors that have influenced house prices in Australia over the past 15 years. In the essay:

Summarise price movements, identifying differences in rates of change in segments of the housing market and across space

Assess the relative importance of the factors you have identified, ensuring you cover both supply and demand factors.

Consider the extent to which the price changes you report are caused by changes in land prices and building costs.

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