This would be generally true in Australia. Land value for 700sqm where I live is $700k. An older character house or luxury/new build would add value, but almost

This would be generally true in Australia. Land value for 700sqm where I live is $700k. An older character house or luxury/new build would add value, but almost anything else would have minimal value. A house on a typical block seems to rise in value faster than a unit (say, one of 6-8 on a block) where land is a smaller part of its valuation and redevelopment potential is wrapped up with the wider group.