The Greatest Trade Ever

Facinating book by Gregory Zuckerman on how John Paulson made $20 billion betting against the housing bubble. The Greatest Trade Ever outlines in simple (relatively) language how independent thinking pays off in the end. I'm nearly half way through the book and it's already got me thinking about the Australian housing market.

On page 50 it describes how by 2005 US home prices were on average almost 2.4 times annual incomes, compared with a seventeen-year average of about 1.7 times. How many times the average Australian income are Australian home prices at the moment? I've read from differnet sources recently that the median-priced property in Australia is approximately 7.8 times the average Australian wage!

 (for example http://australianpropertyforum.com/blog/main/3240563)