......................A contrarian would tell you it is a good time to invest!
Perhaps having the contrarian standpoint involves being a good time to
prepare to invest for the next up-cycle in whatever market one is involved in.
Real estate tends to go up for approximately one third of the time in a cycle and then track sideways and sometimes not even matching inflation for the other two thrirds.
Whilst it can come out in the wash over one full cycle and preferably two or three, to have money/funds/equity in a new acquisition as a market is falling or softening means a sub-optimal return may be achieved. Whilst property cannot be likened to the technical analysis of a share/index, the old adage of buy a rising share may ring true. Perhaps forsaking the first 10-15 % of the rampant rise of a new cycle, gives one a better return timing the purchase.
I've been at this caper since 1985, so showing my vintage
and, in the beginning I didn't know what I didn't know, however several cycles later, my position is still very juicy as far as net worth and now cashflow is concerned.
However as with all things involving hindsight, if I were to have my time again and of course have the benefit of knowing what I know now, I would do things differently.
Time in the market is important however timing to glean the most growth in equity possible in the shortest period of time possible is also a valid play. This can involve interstate purchases in an accelerating market, whilst sitting and holding in a sideways one.
It's all about looking at the best return one can get for their dollars. Sometimes this may involve harvesting losers and sitting tight when the market is merely idling IMO.
Right now is the time to have revals done and stockpile offsets. So, it is a good time to prepare to buy (in much of Australia) rather than just buy because others are selling.
I am not a buyer right now, however if I were, the only place I reckon has legs on the eastern seaboard at least, is Sydney in a general sense. It is also the only major city with real supply issues. The other under-supply stories are myths. Melbourne, Brisbane and surrounding precincts are softening. There will be minor exceptions and of course I am not including, nor commenting on regionals with drivers such as mining. I know little about SA and the west, so others can comment on those.
That's my 0.02
Oh, and in answer to the OP in this thread.....Yes, it will boom again, when?.......I dounno. I let the market decide that and like a good ship I will rise with the tide.