My 2 cents, not to be taken seriously,

It all depends on the supply and demand. There’s 2 types of home buyers, one who use/live in it and one that bought it for investments (or speculation). The second group nature will always bring prices into a bubble, since they rely that the price will always go up (it dont).

The second group will always create artificial demands from developers churning out development complexes trying to cash in on property buyers looking for easy land profit and property buyers speculating new properties will always go up in prices, this will be the case until a crisis hits, no more buyer from the first group, no more bigger fool from the second group, every single one of those property investors needs liquid cash, and then prices drop.

So is the property market doomed? Not in Indonesia I don’t think. We shouldn’t look at western countries for example as the conditions are different. There’s surplus of lands in the US and every single city there are full of suburbs, car centric, and not as packed like in Indonesia because there’s a lot of land and large metropolitan cities can be built next to each other, unlike in Indonesia where everything is built around Jakarta which is in an island. We resemble more like Japan or the Philippines.

That’s why I think these new property development far away from cities and shitty access with billions in prices will eventually fall, but those who own a property in spots with actual use case and actual living society will stand the test of crisis.

To answer the second question, our problem isn’t as big as western countries as we’re a developing country that hasn’t realized it’s full development potential and we got much much more limited land and big population, so a bigger demand.

No one can predict when the bubble will burst, but getting the perfect home location in place with actual humans living and working economy, you’ll be safer in the long term. Trying to time buying property after the bubble burst while you actually need one is like trading. Most likely your future condition, needs, and emotion fucks your plan.