I live in Australia, and there are a lot of "rich" people who made a money off property, just flipping regular houses in our insane market.
All the components of a medium house are reasonably cheap. But then market value comes into play you you add thousands to a sale price. I think the real issue is that a house (basic human need) is being used like any other financial tool. There should be restrictions on the types of investment that uses residential property, to protect people and to allow them to live where they work.
But good luck controlling capitalism, last GFC started because of houses. But nothings really has changed.
Just to add in the Australian context people see property as a way to get rich. the idea of starting business or generating wealth via new ideas, services, technology is sadly not as prevalent as other places.
Muammar al-Gaddafi had an interesting take on this particular issue: page 51 of The Green Book (http://openanthropology.org/libya/gaddafi-green-book.pdf). Newlyweds were given enough money to build a house.