The red line in the chart above (known as "M3") - which includes term deposits, certificates of deposit, and various other deposits from building societies and credit unions with banks - totals well over $1.8 trillion, the dollar value of M3 money in circulation having increased by more than 45 times over the same time period.
All up the money supply comprises $1.83 trillion of broad money in circulation.
While 6.3 per cent growth in M3 money over the past 12 months (following on from 8 per cent in the preceding year) may not sound like all that much, due to the power of compounding these cumulative increases in the money supply have snowballed into an enormous expansion.
Summarily there is well over double the amount of money chasing a limited supply of desirable assets. These figures are in themselves powerful enough, but in truth even the money supply in circulation represents only one part of the tale.
Note in the chart below the massive surge in credit growth following the deregulation of the financial system in 1983 which lasted all the way through until the early 1990s "recession we had to have".
While there is not necessarily a link between the expansion of the broad money supply and growth in credit, the data over the long run suggests that a relationship between the two clearly exists, albeit a complex one.
It would be true to say, however, that suburban land values in capital cites have generally been increasing strongly over time.