aus property bubble reaches warp speed

Do yourself a favour and read the full article -is this a great read or what?

"FOR more than 100 years the average Australian family was able to buy its first home on one wage. The median house price was around three times the median income, allowing young homebuyers easy entry into the housing market.

As can be seen from the accompanying graph, the median house price is now - in real terms that is - relative to income, more than nine times what it was between 1900 and 2000.

At nine times median household income a family will fork out approximately $600,000 more on mortgage payments than they would have had house prices remained at three times the median income.

http://www.adelaidenow.com.au/news/opinion/bob-day-current-australian-house-prices-more-than-nine-times-median-household-income/story-fni6unxq-1226725468659