Tell this to those who has experienced 1984-1987 poorperty bubble burst.

what one doesn't know doesn't mean didn't occur.

Agreed, because oversupply has turned flippers into landlords, which then increases the rental competition due to increase in rental supply.

When rental rate drops, property prices will follow. Rental price indirectly is the leading indicator of the property prices, because when investors cannot flip, the only thing that dictates whether  properties are good buys is the rental. With such a low rental yield, no savvy investors would buy at this price unless if one could find properties that can give them 5-6% net rental yield after taking into account all the furnishing, wear and tear, and miscellaneous fees (stamp duty, lawyer, maintenance fee, MOT, agent fees, quit rent tax, rental income tax etc)

At current yield, there are only 2 type of buyers
- Amateurs (possibly tricked by properrty 'gurus')
- Own stay buyers (possibly starting a family or a second holiday home)

Will be negative for very long time

My father unit in ara damansara depreciated 6 digits , luckily his loan amount was not big, yield wise still +ve, but it is a joke investment.

Talk to a few uncles.... Biting tongues now but i guess many still holding on