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Some may find this chart from CBA & RBA to be a little more relevant to reality. It shows how much we are paying in interest relative to our disposable income. Looks like it's the best it's been for 10 yrs! so we have plenty of spare disposable income to keep buying more expensive houses...

There are others who seem to think his assertions are a little Keenesque.

It's looking like it's the new normal for the current low interest environment. When does a change in a metric become the new normal ? We're unlikely to be going back to the ratios of the middle of last century. And such a simple metric as price to income is fairly meaningless, I'd have...