bears say it like it is, page-26

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    Looking at the chart here http://www.abs.gov.au/ausstats/[email protected]/Products/15FB073DD54F5A25CA25781D000D6B65?opendocument, average weekly earnings have increased by 50-60% over the past decade in Perth. Realestate.com.au is telling me the median house price rose by over 170% in the same period. So whatever the ratio of house price:income is today, it is roughly 80% higher than it was 10 years ago. If the ratio was 4x a decade ago, it's 7.2x today. So no matter how you spin the figures, I tend to think a near doubling is quite a significant change in affordability. Maybe kincella's mates weren't included in the abs salary data though, hard to say.

    Also, we should be using median wage (why use average wage with median house price?). Median wages are typically 10-15% lower than the average, for example $38'700 was the average wage in 2003 (http://www.abs.gov.au/AUSSTATS/[email protected]/allprimarymainfeatures/6DE6B93557535756CA256E9900785A87?opendocument), while the median was $32'700 (http://www.abs.gov.au/AUSSTATS/[email protected]/0/A8775332423EC0C6CA256E4D0074347D?OpenDocument).
 
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