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when people living in an area think that their house "isn't worth that" when told the value - it's time to jump ship.

really? i hadn't considered 22mil a "low" number, especially considering that 20% of them are trying to squeeze into a landmass the size of Adelaide's Gulf St Vincent in between the Blue Mountains and the Ocean.

i just see low supply and high demand.

true - the more money you spend on a house, the less you have for other things. this is why people live in apartments in NY and Tokyo. The land is too expensive. It'll get that way here too. i'm not arguing FOR a million dollar median - but unfortunatley it'll probably happen. just the same...

all aussies ever want to do is pour out their pockets to own property. spare cash from second job goes to a bigger and/or more houses. it's our culture currently. price is driven by the market desire - not some background force. there's no conspiracy theory here, and medians mean nothing...

last time i checked property HAD to be looked at in isolation. you can't project macro values across meso and micro markets. that's called "the cash rate" and is attempted by the RBA. how effective is that?

are you living under a rock? what about the "what about me" anthem unionists sing at the top of their lungs....? the flow on effect won't be too far away as the socialists want their slice of the action too. Gorgon might only employ 10,000 to build Barrow Island. then there's all those "poor"...

wages in WA about to set a benchmark at $150k for Gorgon workers. what will that do to prices here?

agreed - when the market says "get in now of get locked out forever" - expect the worst.