I'm new here, just like to share my opinion.

I think we can't generalize the entire market. I see significant oversupply in some area and some sectors, but high demand in other areas or sectors. For examples, I think high end condo in certain areas are almost certain to soften as they are too many vacancies. Even though the investors may be cash rich and have holding power, they may realise that it's not worth the holding while they can invest into something else. However, in some areas such as the southern areas of KL like Puchong & Bukit Jalil, the commercial is still booming and population is growing significantly. I don't see how the market can go down in near future, unless there are some very major external factors.

As for affordability, it is not that relevant. The reason is we are essentially still a developing country where the most wealth is held by a smaller population. As long as this group of people maintain their holding power the market will be OK. However if this group of people start rushing out in the event like major riots, then the market will crash. The best example would be Thailand and Indonesia, their income or GDP per capita is way lower than ours in Malaysia, but the property prices in Bangkok and Jakarta are higher than us. How can the general Thai or Indonesian population afford the properties? Do we see a crash in their property market? Not unless there's a major riot like the one in Indonesia in 1998.

Just my 2 cents worth...