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You're probably right mate, but do you really expect the media to understand this stuff and accurately represent it? When an economist writes "House price gains of 22% predicated on income growth" The media translates to "House price growth % = income growth %", which is wrong. They don't get...

Wages don't have to rise the same percent to see that 22% increase. If a household devotes 40% of its income to servicing its mortgage and its at its servicability limit, then they only need an 8.8% increase in their salary to have a 22% increase in their servicability. i.e. 22% of 40%. Or...