The Importance of Land in Housing Prices

The big driver of house prices in the last 20 years or so has been land. It's building costs to some extent inflation generally, but it's actually land. Our expectation is that you will see a mixture of green field stuff where it makes sense and more density around transit corridors. We're not going to cross-subsidise that green feels development. Essentially, we're going to let the economics do the work here.