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Do you have a link to his research ?

Do you know what data that was ? And if the underlying reasons are temporary (eg stimulus) or permanent (eg dual incomes) ? Do a search on SS for 'bubble' & sort in ascending order - you'll find threads from 2001, worrying about the bubble back then..... I guess that must be one of those...

I'm illustrating the point that trends change for underlying reasons. OK... which trend should we be reverting to ? 3x annual income ? house price increases equaling discretionary income increases ?

Which trend ? The 10,000 yr trend when we lived in caves ? The 1,000 yr trend (when we were an agrarian society living in wooden shacks on acreage) with ~0% price inflation ? The 200 yr trend since federation & massive growth in population ? The 50 yr trend since WWII with huge stimulus ...