England have been widely tipped to retain the urn in comfortable style when they host the Australians this summer, and they are also regarded by many as favourites for the away series that starts in November.
But when asked if he thought people were getting ahead of themselves predicting England will storm to victory in both of the upcoming series, Waugh told Press Association Sport: "Definitely. That is probably unrealistic. I think England will start as favourites, but certainly I don't think they will storm to victory."
He went on: "I think we will put up a good fight, and there is something about Australia in England."
Waugh drew comparisons between the current Australia team - led by Michael Clarke, and missing the recently-retired Ricky Ponting and Mike Hussey - and the one he was part of in 1989, which claimed a surprise 4-0 Ashes win in England.
"Both teams will lift, Michael Clarke will want to make a name for himself as captain, and a lot of young players will be there on the cusp trying to establish themselves," he added.
"I see our side a little bit like the 1989 team. We came across to England as big underdogs, we won 4-0 and as a team we came together and a lot of the players developed.
"It is the same sort of scenario hopefully now for Australia.
"England are a pretty secure, stable side, but if someone like Jimmy Anderson gets injured, that will put a big hole in their team."