If you were to drive along some of the most rich and famous streets of the Gold Coast you would largely find the same phenomena .... luxury homes sitting vacant for most of the year. These were often the profile of houses that sold for over 50% losses in the downturn, some well over 50% down.
Its all relative, next downturn those houses will be the first to go in the fire sale. Beyond dispute Sydney is a hot market but I think at current prices is very exposed to any economic headwinds and a very high risk play to get into.
