The Importance of Income Distribution

We targeted suburbs with the largest mismatch between taxable income and house price, where we thought there were over 90% PAY units. And you know, Mount Druitt and Rudy Hill were two adjacent suburbs, neither of which is Salubrious. People who are tens, eight suburbs back towards the city were buying it because they couldn't afford a house in where they wanted to live. The value of that house depends entirely on how many rich people there are. I actually have no particular problem with a waterfront house at 20 million. But if income distribution keeps getting wider, trophy waterfront homes just come up.