House of prices would stay stagnant for a few years and it will boom up again.

Raw material increase would force developers to abandon projects or sell with lower margin (price might be higher or same as now but cost has increased to lower down margins)

Steel, cement and etc have risen on average of 30%-40% a house you use to buy for RM 280k might now cost 380k. Developors should be able to sell between this region.

Consumers might not have buying power, so rental would be a good business. (ps: ppl still have to stay somewhere if they didn't buy a more expensive house) Rich ppl would still be able to afford those price and rents would be higher. So the rich get richer.

However price of current houses would stay stagnant, ppl won't buy and won't sell too low. there are about 5% would not be able to sustain would give some lucky buggers a cheap price. For bank to reposses a house it would take 3 years which anytime if the owner wants to restart payment could do so.