^*^* depression coming soon *^*^, page-68

Those under 2 years could easily lose on intra-market volatility.

Those buying off the plan and on-selling at deferred settlement are speculators who face diminishing marginal returns, particularly as more and more multi-rise developments all come on the market at the same time.

Those taking a longer to mid-term approach (5 years, or more) should be ahead at the end of that time, even if only on the basis of paying down against some of the investment loan.

Those taking a long term approach (out closer to the 20 year mark) are using property as a "whole of life" investment approach. These people are the true property investors. They do so for the long term, and they tend to hold multiple properties, at varying stages of value (ie: fully indebted, through to partially paid down, to fully paid down, to negatively geared, to positively geared, etc).

It is these same people who are already looking out beyond 2020 to distill what the shape of the market will be at that time, particularly in terms of location, proximity to facilities, nature of desired property (ie: smaller blocks, flexible, changeable rooms, etc).

If property falls as Nickoo suggests then I will be happily buying up more and more property to add to my multi-state portfolio. Simple, as that.