Hi Free will That is an interesting observation and it reminded...

Hi Free will

That is an interesting observation and it reminded me of a recent article by John Edwards (Residex) where he indicated that there has been a permanent shift in the paradigm of relating price of property to a multiple of the average wage and this measure is not as valid as it used to be. Specifically relating to what you said, I think that he indicated current buyers in a reasonable range within the city are higher than average earners with the average income earners being largely outside the inner zones. Median income families are RENTING in the median areas.

http://blog.residex.com.au/2014/09/24/september-property-market-update-2/

Interesting article IMO and worth a look regardless of where we stand on property.

all the best