the median house price rose by 14000, page-58

here is better calculation
based on house prices in wa and tcisbosses figure for debt

"the average Aust loan is 226,100 for a person who is not a first home buyer the av for first home buyer is 228,600"

say 226,100

in perth the average house is $426,000

the balance sheet looks like this

assets = $426,000
liabilites = $226,100
equity = $200,000

debt/equity = 113%

gearing is about 53%

house prices would have to fall 46% to wipe out all the equity

60% of australians wealth is in houses

if the market fell 23% from here home owners would lose $100,000 or half their equity

the interesting thing is that the australian stockmarket has fallen 42% this year

who is to say that house prices won't follow suit?