Most if not all flippers streched their borrowing to maximize profits.

What you described is the idea situation but in reality, things are hardly idea. If the world is only half as idea, economic recession or crisis wouldn't had happen.

There are less than 10% of adults are worth over $1m for reasons.

Net worth isn't restricted to cash in bank.

BNM rate is closely correlated to the Fed and historical interest rate is over 3% higher than current rate.

It could take a year or 2 for BNM to increase rate by 3%, doubt many flippers could sustain 3% interest rate rise for over a year.

BNM rate is not coorelated to Fed fund rate.
From 1998 to 2013, basically BNM rate was always in the range of 3.x% (apart from a year or 2 during 2008 crisis, that we saw OPR at 2%), while Fed fund rate was roller coaster from 1% to 4% then to now 0.25%.
Even many time Fed has reiterated Fed fund rate is going to stay low for extended period, despite QE tapering.

So, it is very unlikely for OPR to increase 3% to 6%, even in many years time.

Since 1997 crisis, Malaysia OPR never more than 3.x%.
Already 16 years at 3.x% level.

There is no reason for BNM to increase OPR to 6%, unless the economy is growing red hot at more than 8~9% rate just like what economy did before 1997 crisis.

If inflation is seriously hit or RM under pressure that forcing BNM to increase OPR to 6%, it just means property cannot be sold at dirt cheap price as well. Temporarily fire-sale due to those unable to service the home loan could surpress the property price for sometimes, but inflation will bring up the cost of property, aka property price in the longer future.
Just like a bowl of mee cannot be sold at RM2-3 nowadays like in old day.
Yes, property market could dampen due to correction, in fact, showing sign of slowing, but BNM is unlikely to hike so significantly to 6%.

It may kill the economy at 6%, which is not the interest of BNM to do so.
BNM want the property market to cool down, but not the economy, this can be seen by moves made by BNM of LTV ratio, tighter lending practice on home loan, but reluctantly to use interest rate as a tool to cool it down.

So the chance of increase 3% is remote for time being condition.
In fact with GST is on the pipeline 2015, that could dampen the economy growth, it is not the interest for BNM to hike rate so significantly.

I do really hope lyn provide a LIKE button. Sad tat I'm not able to press LIKE for ur comment.

so past 5 years if price increase 100%...and then suddenly got dead chicken and price reduce 20% discounted price......i think those who purchased earlier still earn more and better than those who pick up dead chickens deal... right?

Obviously over supply ? Spain property market in the making. 
No difference ! people like to "hear" their property price go up, though paper/sound of gain. 

Very Good ! Jolly Good 

Dead Chicken coming 

Realistic assessment. However for people with vested interest, will have their vision only on positive outcome even if unrealistic.

Demand for property is ALWAYS huge. It's a matter of affordability. You can want (demand) it doesn't mean you can afford it. 
So property market; boom or bust depends on situation like DIBS, Loan approval, interest rate..etc.

http://www.thestar.com.my/News/Nation/2014...ial-discipline/

Earn 7-10K per month before talk about demand. .lol

Those who think 500K SPM students will come to KV & buy or rent your property ..lol first ask yourselves r your company willing to pay them 7-10K starting salary or not...lol

the sad news to the developers n flippers is... we have many blokes with this problem.