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I don't expect prices to double or triple 'in a hurry'. But they will in time. Please explain?

Boz, it is definitely based on household disposable income - that means more than one wage per household. Check the Numbeo site via the link in my post for full details.

The list is based on house price to household disposable income. It has nothing to do with GDP per capita or single wages.

Would you mind sharing your stats? It's all very well to say that Australian house prices are the most expensive in the world and you've got stats to prove this... but where are they? Over half a million people bought homes last year, so there appears to be plenty of people able and willing...

Ummm.... nope. You're not even close. http://www.numbeo.com/property-investment/rankings_by_country.jsp No, current prices are not sustainable. They are currently far too low given the supply/demand imbalance and strong economic future for Australia. It is not sustainable to have such...