if the markets continue to fall more, i think it will eventually affect the property markets - in a very theoretical sense, when markets drop, people either lose money in the markets or wanting to get in more (so they need cash) - then they will try to force sell the property - forcing prices to fall....etc

property bubble will only happen if those who bought the properties cannot afford to repay the loans, leading to massive firesales - depressing prices; looking at the current situation where debt-to-income ratio, the possibility cannot be totally eliminated (further backed by the current spending patterns of individuals - which cannot be compared to the people of the past - who were more nimble of their spending, and have large savings)

i am expecting a correction in the property market, especially under the sub-sales market, where prices are pushed too high.... probably, next year or so, could be a better time to look into property again (if you already have a place to stay now)

people will also "throw" the property when they are really in need of money - emergencies; if they do so by lowering the property prices, then others could be panic and follow suit....this is when it leads to property prices adjustment