What's your investment portfolio worth?

Good one! That might well be an appreciating asset now! and the poll didn't say it needs to be $aud lol.

 

But you assume that asset always appreciates or appreciate higher than your capital cost and you always has the ability to pay and everything goes smoothly ..that is a lot of assumption.

also the current tax system favour properties so it distorted its true valuation.

properties will be a very different beast if 50% CGT discount and negative gearing are removed.
your properties will probably generate you below the cost of debt and holding cost

People usually forget bad stuff after about 10 years, we have 20 years of properties boom but I can tell you people who hold them in 80 and early 90s don't get much out of it.

The other unknown variables are you maybe be forced to sell due to divorce, illness, unemployment.

I am not saying properties investing is bad but people throw out a lot risk variables in booming market and favourable tax treatment environment

 

I agree with you @PandS that there's a lot of grey areas for individuals. But in general for anyone who have invested in any of capital cities 80s or 90s would have made profits in many folds by now regardless of the state of economy in those cities at present(after subtracting total interest repayment and expenses). Issues like divorce illness and unemployment and ability to service loans are a highly personal and should not take away the fact that properties (and quality shares) has been a great invest vehicle for the long term.