Price growth to inflation
House prices to full time earnings and disposable household incomes
Inflation adjusted cost of housing components - which demonstrates housing price increases have very little to do with construction costs
So if at the 2006 levels when property was 7 the average annual wage if this is not over priced and property can continue to grow at a rate over and above inflation and wage growth. At what point will it be over priced.
10 x the annual wage
15 x the annual wage
25 x the annual wage
