Pretty common in Australia. Theres heritage laws to try to prevent replacing all the old buildings, but often they are so undesirable the owner just leaves them vacant until trespassers manage to burn it down.

Have it in Japan too. You can clearly see eras in house design. Pre 1960 almost everything is wood. Then you have wood and plaster until the 2000s or so, and after that is plastic on wood. You can see the age of a neighborhood and its residents based on what houses are made of.

If the residents die and someone new purchases the land, the old house is (generally) torn down and a new one built.

Japan, famously. Oddly enough it actually works very well in keeping buildings cheap.