Since then, the ratio of housing prices to incomes has been relatively stable but, for reasons already alluded to, it has been rising recently and is now at the upper end of its recent range. I will return to this point in a moment.
To summarise these stylised facts: •  1  the ratio of housing prices to incomes is at the top of its historical range; but  RBA 2014, Submission to the Inquiry into Affordable Housing. Submission to the Senate Economics References Committee, February.