Geezer at the end of the day make your own decisions and don't rely on the advice of agents or those on this forum as while it may be said with good intentions it is not guaranteed what is said is accurate or will play out that way here in Australia. Personally I wouldn't be waiting for a 50 to 60% drop in most sectors of the market in Australia as it is just ridiculous as the reality is despite our most incompetent federal government ever relative to the rest of the world Australia has one of the strongest economies. On average if you can get a 20% discount from the peak price I think you will have done okay as there is no guarantees things will drop further and you have to be realistic if you want to buy the home you want. That said for the time being there is no harm in waiting on the sidelines as I doubt things are going to dramatically change for a while yet.
