Australian Property Bubble, page-191

I was reading in the SMH this week that the average house price has hit $911 000. Another article from 2 weeks ago said that free staring homes sold that weekend averaged over $1 million for the first time ever. Can this be correct?

At $78 000 average annual income this is well over 10 times house price to income ratio. Is Sydney in a housing bubble? The USA crashed and almost brought down the banking system when they hit a ratio of 6.5 times. Very worrying numbers.