'Classic Ponzi scheme': Sydney house prices cost 12 times the annual income

By Jessica Irvine
Updated November 26 2015 - 7:08am, first published 12:15am
The author of a book about Australia's property bubble now warning of a "classic Ponzi scheme". Photo: Oliver Astrologo
The author of a book about Australia's property bubble now warning of a "classic Ponzi scheme". Photo: Oliver Astrologo
The dream of home ownership is further out of reach for many young Australians. Photo: Jessica Shapiro
The dream of home ownership is further out of reach for many young Australians. Photo: Jessica Shapiro
Lindsay David is the co-author of a new report "Parental Guidance Not Recommended" which warns buying property is like joining a Ponzi scheme. Photo: Supplied
Lindsay David is the co-author of a new report "Parental Guidance Not Recommended" which warns buying property is like joining a Ponzi scheme. Photo: Supplied
Economist Saul Eslake warns of growing social harm being caused by rising property prices. Photo: Pat Scala
Economist Saul Eslake warns of growing social harm being caused by rising property prices. Photo: Pat Scala

Sydney houses now cost 12 times the annual income, up from four times when Gough Whitlam was dismissed.

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