What is the purpose of the property you intended to buy?
A house to stay or investment.
I've always mentioned that if it's a house, than the right time would always be when one can afford the house without heading into financial burden.
However if it's for investment, than I would still think that the property market currently is still overpriced. When the supply is more than the demand; than you'll see the drop in property market. As currently the price of properties is still based on the surge in demand in the property market. But looking at this down turn, cash is king. So whoever can hold their property will continue holding it. But to those in dire need to dispose their property for cash liquidity, that's the time for property investor to do their huntings.