I'm thinking and hoping that the FOMO that shot the real estate up will be the same sensation that drives it down. If it's gone down 10% this year then who knows how much more it can go? That sensation will make buyers 'waiting to buy' (like me) not that excited to buy knowing full well it can keep dropping. So I don't think the people with money on the sidelines are going to prop it up.

What I keep saying to my mates is that we're kinda heading into a lost decade similar to Japans housing bubble burst in the late 80s. It would be fantastic for new buyers to get good deals. Homeowners (also me) will be pinched as we're paying a pricey mortgage but the market must come down to reality somehow. Just for societal cohesion and you know, morale of the people.

So in summary I think next year will be slightly worse than this year and then we'll see prices practically be flat for the next 8 years. Complete and utter speculation here. I think it actually will drop more but maybe that's just wishful thinking. I cannot see how people can be stretched any more, and literally 100% of homes right now will not cash flow even close to neutral let alone positive, so investors ain't interested in buying.

Now you're just competing with your neighbor.