Properties are still much above their 'real' prices despite the cool down. You are right that one must set a target. I personally believe that prices at certain junk locations may come down to as much as 60-70%, and overall at least 20% more cooling is waiting to happen. If one is buying for investment, one must simply refrain from property and get into any other asset class. Otherwise for self use also, one must atleast wait for budget and elections , and can certainly get better prices. I mean around 3 months wait is a MUST
Not sure what's your reason for so much of pessimism is. 60-70% fall in "junk location" ? When did that happen last ? I wasnt around in 2008 but after a brief lull what happened is for everyone to see. Do you have a finance footing ? If so then please enlighten us if we are operating in a monopolistic/oligopolistic kind of RE environment where the prices are set by builders and junta due to lack of choice buys it !! Who sets the "real" prices in a market like ours ?
A 20% correction should likely happen if for nothing else but the fact that non stop run up in the prices must halt at some point and pull back. Europe may be in disarray it doesn't effects me and all non MNC kinds around with loads of either disposal incomes and or black money.
I'm willing to bet that nothing will happen in next three months - this isnt a stock market. Please provide us with some footing instead of blowing smoke and misguiding !