the wages you say that make you blush is really smoke and mirrors created by inflation.. you will find every parent thinks that about their children though each generation.
when you were 20 the money you made bought a whole lot more than today in comparison.. hence why i refer to the wage vs house price ratio.. today its 1:7 back then I am sure 3 full years wages would have bought a house..
as the house is the most expensive thing you usually buy.. wages (value in return for hours spent working) are a lot lower now than when you were your sons age.
for example I remember my dad telling me a story how poor he was growing up, his mother would make them all hide when the land lord would come round for the rent money to make him think they were not home (just after WW2 in UK) when he was old enough he left home and joined the armed forces, only a few short years later when he was visiting his mum she told him the house was up for sale, the asking price was the same as the money he had saved in that short time employed by the armed forces! No way could you buy a house cash today in just a few years from being in the military!
There are only two options from here, house prices correct back down, or inflation boosts wages and everything else to match, due to inflation screwing the economy i am sure the RBA wont let that be the way it plays out.
