Study the chart at this link: http://www.simplesustainable.com/topic/2463-melbournes-median-house-prices-vs-wages-1965-2010/ Then plan on buying once prices drop below the 5:1 level. The world is de-leveraging after a 60 year credit binge and it's highly unlikely that Australia will escape this deleveraging process. C Joyce will say no way this can happen, S Keen will say plan on buying at the 3:1 level, but I would be happy to buy (I have to buy something during 2014 to retire into)at the 5:1 level.
