I came here in 1977,just came for a holiday but stayed here, early 1978 bought a house in Yarraville, bought there because the premier at the time said as soon as the West Gate Bridge is finished house prices will go up in the Western Suburbs. A double fronted solid brick Californian Bungalow cost me $25,000, wages on construction at the time $1000/ week, take home was around $630-$650 ratio of house purchase to wages meant I could pay off the house in a year, best thing since sliced bread, kept on buying houses next was a Victorian terraced cottage cottage up for private sale for $15,000 offered $10,000 sold! 1982 earning in excess of $2000 /week take home around $950, kept buying houses.
Today that would be near impossible to do the ratio between wages and house prices is way to much,in fact it is hard to see how young couples can afford a house and pay it off before they retire, if we are in a bubble and we lose the Chinese buyers causing the bubble to burst the only houses I can see dropping in price are the $1 million plus which is what the Chinese have been buying.