lispingduck,
Re your below numbers, the historical norm is about three times earnings (in the USA it's 2.6)
Lets be generous to the bulls, say four x $65,000 = $260,000
And there you have your 50% correction.
Sooner or later all prices/rates return to their historical norm.
---------------
Australian median household income 2013 - $65,000
x
7.2
=
$468,000
January 2014 Australian median house price - $508,000
$508,000 - $468,000
= 7.8% contraction possible in 2014..
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