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Correct. The idea that FHBs should be able to afford median-priced homes is ridiculous. If FHBs were buying median priced homes then who would buy the 50% of all homes priced below the median? The unemployed? Children? Dead people? FHBs, by definition, are just starting off in the housing...

Not since 2003. Australia's house price to income ratio has been relatively steady for 12 years now. Even Sydney prices, until last year, were no higher relative to incomes than in 2003. It has only been in the past several months that Sydney has risen above its 2003 price/income ratio.

A nice war chest with which to deliver new First Home Owner Grants, when the time is right.