PHOTO: Sydney home prices are nearly 10 per cent off their peak, Melbourne is down 6 per cent. ABC News: Ian Cutmore

Most of us have, at some time in our lives, kept waking up at 4 or 5 in the morning, tossing and turning, with knots in the stomach, unable to return to sleep.

I’ve had a few of those mornings lately. It wasn’t something I ate the night before, but something I committed to buy a few weeks earlier.

That something was a house. In Sydney. Still one of the most expensive property markets in the world.