Does property double every 7-10 years?

“Sydney property, on average, doubles in value every 7-10 years.”

That’s the cry of every property spruiker nationwide. And inevitably the response - “how can that be with the average price in Sydney where it is today, how can the average house be worth a million dollars?”, or more perhaps after the last bump.

Before I answer that I want to ask you to think about your grand parents, what they paid for their home & when. Do you think they ever imagined house prices could be what they are today?

My Nanna had the most amazing Californian Bungalow in Wahroonga, old blue stone and sandstone and grounds full of camellias and agapanthus, an old fashioned washing line with a timber frame and a chain to tilt the angle. Beautiful; camellias are still one of my favourite plants.

The home was sold in 1998 when my Nanna moved into a nursing home – I don’t know what they paid for the home originally, I wish I did, I’m sure it was under $1,000 pounds.