Statistically, if you do so for long enough (and my goodness, haven't we heard some incredibly gloomy yet wildly inaccurate predictions over the past half decade!) you will surely be proven correct.
Other 'devastating crashes' such as the Black Monday 1987 crash look practically laughable when considered in the context of a longer time-horizon. No more than an annoying blip in an otherwise upwards-trending chart, and once again was as much related to the preceding irrational appreciation as it was the downturn.
As you can see in the chart below, Australia has not to date experienced a significant downturn in property valuations, but then, Australia's "miracle economy" has also not experienced a recession for two decades.
While the performance of regional markets may appear weak in the chart below, this is partly a trick of the brain. On a percentage basis, regional markets have performed incredibly strongly over a prolonged period of time.
As always, however, do be aware of the risk of deleveraging in our illiquid property markets. Just like any economy, we will experience a recession one day in the not-too-distant future.
When that happens, if you are a property investor as opposed to a homeowner, you want to ensure that you are owning only property in areas with:
i) very low vacancy rates;
ii) limited land available for release or likelihood of large new developments being approved; and
iii) very high and increasing demand, fuelled by strong wages and population growth.