I was reading somewhere the other day that the US property bubble peak was where median prices were just under 5 times average incomes. Now I know there are differences between ours and their markets, but it certainly gives some perspective.
I cringe at seeing the debt levels being taken on now, but then again, 15 years ago I still couldn't believe what FHB would take on in Sydney watching the real estate shows on tv like hot auctions etc. Safe to say the numbers of FHB taking it on are well down now at record lows, and I doubt all of them are by choice, some just may never save the money for the deposit.
