You people probably too young to remember

That was the time when ASEAN currencies were under attack. Value of RM drop like mouldy peanuts.

One of the defense method is to increase the interest rate high-high to make the RM attractive.

The finance minister used this method. That why got spike in rate. At the peak it was almost 12%, if I remeber correct.
The rest is interesting history.

You have the experience and you have a point there. No matter what, we have to be prepared for the worst. But right now we are talking about prices which is way beyong affordability. It is different as maybe when you bough properties, prices we were talking would be around Rm100k to 300k. Now we are looking at around Rm600 to >RM1 Mill in prices. Could you imagine if one were to be so highly in debt for example, servicing a Rm1Mil Loan and that someone were to loose his source of income? Its not that the Rm1 Mil loan would be so easily servicable. Nowadays, our salaries are of the same amount 10 years back. But properties prices has increased ten folds. So would it be advisable to just buy what you need and definately buy within your means so that even if the economy goes down, you could still afford to service your loan and not become a bankrupt.

The main question again is, is it the right time or not to buy now. Times now are properties prices at at the peak (at the moment), Economy hsas slowed down tremendously, Government and leaders has no apparent idea what they could be doing to improve our countries' economy and the worse part is banks are getting very stringent on their loans with the high NPLs.

Your salary is the same now as 10years ago? Really? Even Indon maid earned more in Malaysia compared to 10 years ago.
Also I wonder what residential property increased 10x over 10years in Malaysia

Actually they have to pay more interest in long run and lots of T&C. With that cost to by stripped version house, look for old house will be better sometimes.
Like my mother just bought a 30 years old house for rm22000, spend another rm20000 just to recondition the house. Total cost is just rm42000 and way cheaper.