real estate to drop another 20 per cent, page-27

yes you right... but we talking of the present cycle..
for people who bought in the high..
my calculation is as follow

year house price weekly yearly multiple


1970 26000 90 4600 5
1996 180000 450 23000 8
2000 440000 550 28000 16
2003 700000 800 42000 17
2007 650000 800 42000 15
2014 1300000 1600 86000 15
weekly wages for working class people.. not national average
the ratio wages versus house price got to come down a long way

now from 1970 till today house prices went up 25 times..
can you imagine to keep the pace ratio wages should be 115000 per year..
we are very far from reality..
so now imagine for people who are buying now at 650000 and expect the property to double accordingly in 7 years time, then the wages should be 1600 weekly ...
the general trend is down,