I don't think property is going to fall by 60%, but over the next ten years may lose a sizable figure if inflation or equivalent earnings in a bank account are compared. I am seriously looking at buying a house right now because my wife 'needs' one for the family etc, I can understand that. But I don't expect it to be worth one red cent more in ten years time than what I will have to fork out for it this year.
If you talk about an arbitrary price of 1 mil, then a bank account, depending on who is paying the tax and interest rates, could make you 5-600k of compounded interest over 10 years.
The reasons I think that property is unlikely to appreciate in value in the next 10 years are many, but ultimately there are only so many years that house price growth can grossly outstrip wage growth until the ceiling is hit and the market goes nowhere for a very boring number of years.
