Now's The Time for Sydney Property

That's the headline that screamed at me from my grandmother's back porch on the weekend. The local Padstow real estate agent had delivered a sales brochure professing themselves the best in the business. They seem to be doing a good job for sellers ...

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It was the second page that really grabbed me though. A two bedroom home on 900 square metres in Peakhurst has just sold for $1.408 million dollars.

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There's nothing wrong with Peakhurst. It's a perfectly respectable suburb 30km south west of Sydney's CBD. And 900 square metres is a nice sized block of land.

But it's still just two bedrooms in Peakhurst. And it's still one point four million dollars, in a country where the median annual income is $57,000, pre tax.

In a letter to the real estate agent, the two sisters selling the property wrote “The overwhelming result has us both dumfounded”. Ladies, that makes three of us.

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