For how long do you think property will trade "flat".
I've stated my opinion on here before that I think we will see nominal falls of around 15-20% over several years (could vary a lot on government intervention) and then probably several more with growth lower than inflation to end up with real falls of 25-30%. I think the ABS will show -5% or greater for 2011 (next 12 months).
Reality is that property is overpriced in today's market, yields are terrible, there is a chance of further rate increases making them worse, they are priced too high as a multiple of income, even if the bubble doesn't pop in a spectacular fashion it still does not make sense to buy and hold today (an average property, no doubt like any market there is still the odd deal or two around).