Your experience in the late eighties/early nineties housing boom-bust cycle is pretty much as I remember it, and, according to the following excerpt from the SMH June 28 this year, our experiences were not atypical:
"Affordability ... is vastly better than it was in the late 1980s. In 1989, Sydney mortgage payments equated to 83 per cent of average male earnings versus just under 50 per cent currently. On top of that was deep recession, 17 per cent interest rates, 11 per cent unemployment and slumping migration. Almost all property suffered. The median price fell by 25 per cent."
