financial deregulation allowed people to borrow more money because the cost of finance is cheaper, so to answer your question in the 1950s, no because the interest rates were too volatile and that kind of capital (even if inflation adjusted) wouldnt be available, at least cheaply. and all factors included is too large of a business risk for a bank at the whim of a sole funding source of deposits and the RBA.

the cost of finance is is one correlated variable to the price of houses, think in the US where you can borrow 30 yr fixed mortgages, youre going to borrow what you can afford to buy based on the interest rate and what you can afford.

The housing bubble is caused by a myriad of factors, ultimately its a supply and demand problem. people want to live in sydney and melbourne, and there is an artificial incentive via the taxation system in play, which is the real culprit of the current bubble.

my whole point with what ive said, is that income multiples to house costs will not revert back to the prior mean. if prices fell to 3x median income, they would shoot right back up again, we have more disposable non discretionary income, we have cheaper finance etc etc

I know a lot of redditors see prices and see them as unfair, and they are, but if your plan is holding out until the GREAT CRASH comes and were back in the 1950s multiples, you may as well expect that to go to whoever is in your will.

prices might come down or stagnate for many years or crash, crash will only occur due to a sever recession where the rebound would bring that multiple right back up.

im 32 now, when i started my career on 32k i lamented just the same, but i saved absolutely everything, i worked on my career, now im on 120k+. bought 3 years ago, great 3 bedroom place in north parramatta. My advice, is to just save and buy when its right for you. Getting angry at the system wont get you your place faster, be frugal, rent and save. maybe youll surprise yourself with what you can achieve, i know i did.