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Good question RE, why indeed. Obviously a premium would be expected for areas in high demand, but $400k doesn't get you much in Sydney. In Adelaide the median income is $55k, you can get a house in a cheaper suburb within around 10kms for $300k or a bit more (around 5-6 times median household...

You can't just tack 2 median incomes together and expect that is what the standard household is earning. Australia's median household income is $66k - Link Suddenly we're looking at that $360k property being 5.5x median household income...