the average r/e value is just that an av.,most people starting out aim for something of lower value,aim for a 220k<,that would be the first thing to do even if it drops in value if two people are prepared to really work to gain equity it will save rent and within 2-3 years provide a very substantial deposit for a home though i doubt i would aim for a 550k one, maybe 320-350k.
as for average incomes,the idea of one family one wage stopped in the late 60s,why because the cost of supporting a family was no longer accomodated by one average wage.
lots of economists like to talk about the average wage versus average house cost,however there are a few flaws in this equation in australia up until the 70s local council and statutory bodies footed the cost of infrastructure that is,kerb and guttering,water,sewerage,roads,footpaths,electricity,phones etc etc----not so since, that cost is now met by the purchaser and your rates etc only pay for maintenance not installation.
as for average home prices in the 1950S and 1960s-70s we still had a hangover of legislation that limited the amount one could borrow for a home---but to know more about this you would need to study the history of banking.
however you can see the effect of legislation,all those fibro suburbs and brick homes that had a drab sameness about them,and no they were not all built by the housing commission though most of us euphemistically refer to them as housos.
today any assessment for average wage earners to own a home will generally require two wage earners---so i like to think of home ownership as a joint effort a partnership,and certainly the economics of ownership today dictate this as a necessity for all us average people.
i am fortunate i have bar a few very unhappy years,i have always earnt the average income at 24 that was something at 55 it aint so grand.
so if you are really serious about home ownership get a hewlet packard financial calculator and start painting number pictures, at 24 i didnt have one,in fact no one did in 1979, however i did have a superior knowledge of amortisation and affordability which allowed my partner{wife} and i to own our home in 3.5 years on the equivalent of 1.85 x average income,that is our joint income at that time.and yes it was in a good suburb and yes we were about 20years younger than the averageowner in that area
so if you look at different solutions you will eventually discover home ownership is a little more difficult to acheive but far from impossible.
i hope this helps,most of us had to crawl before we good think about running and i doubt anything has changed
