I know a couple who bought a 4 bedroom house in Paddington for $600k five years ago.
They spent $200k renovating the property, so the place stood them in at $800k.

Last year they had the property valued at $1.4m.
They've just been forced to sell (I won't go into details), and they've had to accept an offer of $850k.

That's 40% down on their asking price in a year!

So for all the hard work and pain of renovating, they've made 6% over 5 years, that's well below inflation.
They would have been better off renting.

Who said property was a good investment?

Maybe now people will start to see that these economic bubbles are severely damaging.
But good to see that the crash is now happening in full force in Sydney.

Roll on London.