Just did a quick search for 5 bedroom houses in Mascot, not...

Just did a quick search for 5 bedroom houses in Mascot, not quite the 7 figure price tags I was expecting to find -

http://www.refindhouseprices.com/viewad/7848679/86%20Wellington%20Street

5 bed
3 bathroom

$780'000, been on the market 76 days

http://www.domain.com.au/Property/For-Sale/House/NSW/Mascot/?adid=2009103648

5 bed
3 Bathroom
$750+

Looks like 1 bedroom units on Botany Road are hard to sell - 364 days advertised, one that has been there for 307 days, plenty that have been advertised over 100 days -

http://www.refindhouseprices.com/viewad/7079092/14/1285%20Botany%20Road

Then there's this one asking $198 - dropped $12k already been advertised for 132 days - http://www.refindhouseprices.com/viewad/7701957/Mascot

Looks like blue chip commercial property is also hard to sell in Mascot - 217 days advertised.

http://www.refindhouseprices.com/viewad/7477250/Gardeners%20Road

For many expensive suburbs higher prices = higher debt levels, greater mortgage stress and further to fall.
I would consider Mascot a high risk area to invest at the moment.