Suffice to say that I remain convinced that you can get better returns on your capital than in a savings account with the official cash rate at just 2.50% and likely heading to 2.25% before Xmas, whether via property or from a well-diversified portfolio of profit-making and dividend-paying shares.
It all just goes to show how hard timing the market is - which is precisely why I'm not a strong advocate.
I heard a lot of talk of inevitable mean reversion and unsustainable prices in London back in the 1990s, yet the best part of two decades later there has been no correction worthy of the name and prices are higher than they have ever been, while those of use with mortgage debt from that time are grateful to have extinguished most of it over that time horizon.
In Australia, to a large extent it's a question of location. Some cities and regional areas continue to look weak despite record low interest rates. If you're waiting for prices to become cheap in Sydney's popular suburbs, however, you may as well be waiting for Godot.