The number quoted previously was the ABS's definition of the average of those they considered of "middle wealth". That's the median wealth people, right?
If you find a more accurate definition and figure, by all mean share it.
So a person with savings of $150k, and that's all their wealth.. .they could only buy a $150k property? Where?
If they have that saving in cash, also have a respectable job... the bank would lend them to buy that $650k apartment.
One of the good thing about property is that a buyer can leverage their income [and assets] like that. Just don't overreach, heads down, bums up and things would work out alright.