I think property prices will not go down, unless it is being forced into auction due to default by house buyers.

This may be happening if everyone is trying to ride on the cheap loan available, such as free interest while under construction, and hold on to the property in hope of appreciation to be sold once the property is completed. Unfortunately, once the property is completed, the owner realises that everyone was also buying at that point in time in hope of appreciation. If the location is not good, there is no real buyer, no demand, and therefore the housebuyers start defaulting as a result of not being able to rent out. Banks take over the property after default, and put on auction with 20% below market value reserved price.

By the way, I am looking for new property around RM350k. Any recommendation please PM me. Location must be accessible and maximum 30 minutes away from KL.