So many of the people that say that property must drop 40% have been saying the same thing for at least a couple of years and many have been saying it for much longer. Now in that time property has still increased in price and they have continued to pay rent. Therefore even if property prices did drop 40% tomorrow off of today's prices how much have they really saved? Answer probably not much if they are a fhb looking at the lower end of the market. However what if prices don't drop by as much as 40% or it takes longer to get to that point (while prices still increase a bit and they continue to pay rent)? Answer they will probably be worse off than if they bit the bullet and purchased years ago.
As molonski has already indicated time is your friend for building wealth with property.
