Nothing wrong with buying property at all. It's no different to shares in the sense as you point out there will be suburbs or regions that are cheaper than others (sectors) and there will be times that relatively speaking property will be cheap or expensive.
I am all for the principles of diversifying wealth building asset classes but it still needs to be done right. Given most peoples home is already their biggest asset it is easy to let the Australian preoccupation with property to lead to a very overweight position in property and a neglect on good use of shares.
