Did a fast, casual research:
1985: A 4-rm flat costs 90oz of gold, and SGD 61,000
2011: A 4-rm flat costs 165oz of gold, and SGD 400,000
Price rose 83% in terms of gold
Price rose 556% in terms of SGD
Prices rose 670% faster in terms of SGD than in terms of Gold!
Rising demand and limited land space does put a premium on housing price over the years, but the main source is INFLATION! Money creation out of thin air.
I made the assumption that gold is fairly priced and follows inflation closely. Didn't take into account tax effects that push down current gold prices. Else a 4-rm flat would have cost less gold :)
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