"7-8 the new norm? 10-12 the next new norm and so on....where is the wage growth going to come from to support the 10% year on year growth..or even 5%? Are we going to start factoring in the children's earning capacity?"
Any new norm will reflect the average household income. So yes if at some point in the future 3 income earners represent the household income then 10-12 times the average wage for house prices may occur. Reality is we have had a growth period now we will have a slow down period and household incomes will increase and the ratio of household incomes to house prices will decrease somewhat and eventually another boom will occur.
