Is now a good time to buy property in Sydney?

No.
Sydney median house price: $1,650,000
Average NSW full-time salary: $100,000
20% deposit required: $330,000
Years to save that deposit*: 22 years
Monthly repayment after deposit (30yr @ 6.5%): $8,350/mo
That's 135% of your take-home pay.
* Saving 20% of after-tax income. Good luck with that.

Since you opened this page, the median Sydney property has increased in value by:

$0.00
Based on historical avg. 7% annual appreciation. You can't afford that either.