I would Play2Win! It's all relative mate, lets take Kincella's argument and go back 10 years, to 2002. Perth's Median House price was $189,250, Perth's Median Household Income was $806 dollars a week ($41,912 pa).
Now say If I had 10% deposit ($18,925) for that home. That would mean the mortgage I would have to take out was $170,325. Now the debt servicing requirements would be (Say at 7% interest) $11,922.75 in my first year, Thats 28% of my household's income servicing the debt. Fast forward to now, whats the median household income 2011? $67,003 (ABS) whats my median house price? $482,500, I wont even calculate the 2011 debt service % on my household income because its scary.
My income grew 59.8% over the period but the house price grew 114% over the period 2002-2011, I won't even bother to show you how utilities and food grew at a faster rate than my income also. 2002? Hell yeah!
