From the peak in 2006 to the lowest point in 2012 the US we saw housing price drops of close to 1/3.

In the areas that rose the most, they dropped 50%.

Based on that article you linked a 50% drop in the hottest markets wouldn’t bring price to income ratios down to 1975 but it would be kinda close.

Especially when you consider house sizes now vs then.

Seems we're talking about different markets - the 2007/2008 crash didn't really change prices here, just slowed growth. There seems no crash in site here. https://creditmediation.com.au/news/2024/10/10/the-rise-and-...