From what I recall that is correct sharedawealth...but remember as well that these figures are based on the "average" wage. So if the "average" wage is according to stats $70k that makes a house worth $630k to be 9 times the wage. I don't know where these people get their figures from, because that ain't what the average home buyer is paying for their digs!
Maybe they are working on a net income figure after tax before deductions and rebates, which would make the 9 times figure approx $490k? Lenders always worked on max repayments of 30% of gross.
