As we are going to recession, by all means, the property price should come down.  Unfortunately, there are still lots of generous buyers willing to pay for the last year asking price from vendor.  Worst still, the lower-end is holding up because FHB thinks that they can afford it with the low interest rate, but what really make their financial situation change?  If it is not because of their income/saving improved, what make them think they are able to afford it now, but not back then.  Just because of the extra FHOG of 7K and 3~5 years of low interest rate?  Or I just can't get my math right?

By the way, I would consider myself FHB.