As the property boom/bubble conversation continues to heat up across Australia most of us are left perplexed. It's worth revisiting the work of Philip Soos to look through the data and charts and get a sense of what's really going on. House prices increased by 123% between 1996 and 2010, yet house prices are 5% below their 2010 peak. Land prices have doubled since 1996. The ratio of household debt to GDP (the majority of which is mortgages) has quadrupled since 1988, whilst his debt as a percentage of household assets has more than tripled since 1990. Despite record low mortgage rates, the proportion of household income chewed up by interest still exceeds that of the late eighties and early nineties when rates were at 17%. The conclusion: Australia does indeed appear to be over-invested in housing and the current rise is off a high base.