I've seen this coming for quite some time now as i've been property hunting lately. The prices are insanely high with a huge amount of surplus that it looks like another bubble that's about to burst. Due to this i've hold back on purchasing any.

The property prices are sky rocketing at a pretty high rate, our GDP growth just couldn't catch up thus not that many can be sold as fast. So when there's a huge surplus with little demand, the prices are bound to drop.

I've had discussions with a few property agents and they too agree that it is now very hard to sell property, more so at prime areas as they are set at a very high price, too high for even the above average income earners. They admitted to using "we are selling below market price" phrases to potential customers because they know if they don't sell it now, it will drop even more. This gives me a very bad impression on the market as you do not sell it cheaper than what its supposed to be worth or valued by the bank.

Ughh..and just when i thought i was going be able to live in a new apartment by new year

The person who will benefit are those with cash to spare, not the ones who pay through their nose. The only worrying thing now is the possible interest rate hike.