bears say it like it is, page-33

I forgot to double the average income to allow for the fact that there is far more double income families these days...

Then you can compare it to the median house price if you wish...

Is this only in Australia or something? I guess after applying this to other countries their housing price ratios must be close to 2-3x income.

In all seriousness though, you've made your bias crystal clear by stating you'd double the average income, because far more(?) double income families exist. A gross overestimate.

I guess you've never seen this figure called the median household income, which factors in the dual income households. It was $66k in 2008, so would only be a touch above average income today (if that). If you analyse median household income trends over the past few decades, it hints at a different story than the one of increasing number of dual income households. "In constant price, 2010 American median household income is only 0.75% higher than what it was in 1989" (http://en.wikipedia.org/wiki/Median_household_income).