comparing aus house prices to other countries, page-15

Warnie, in answer to you question regarding Red's chart.

"the median price of a house in Sydney is $551,000, while the Melbourne median is above $450,000. According to the RBA, average weekly earnings for all employees are $45,729.

Therefore, the average house price in Sydney is 12 times earnings, and in Melbourne it is 9.8 times earnings. Sydney house prices are therefore almost double those of the allegedly overpriced UK in relative terms."

http://www.crikey.com.au/Business/20080515-How-overvalued-is-Australian-residential-property.html