$1,000 a week rent for a $1m property is totally unrealistic in Sydney. House near me sold for $1,090,000 recently currently advertised for $600 a week, a gross yield of 2.9%. Deduct rates, land tax, agent fees, maintenance etc and you probably have a net yield of less than 2%. Even if you don't think property is a bubble, it is hard to see it growing at more than the growth in real GDP per person (1.5% long term forecast) plus general price inflation, say 2%.
So not great returns and a 20% price correction wipes out 4 years of returns.
