The problem with the uber bears is: 1) They can't understand the fact that the norm is now 2 income households which makes affordability of homes significantly better - but they continually like to trot out the tired old 1 income comparison. 2) They have no idea how to make money in the current market - hence property is a bad investment when it is just a bad investment for them. Many still make money out of property even from property recently purchased - it all comes down to location, how you can cheaply improve it and how you manage it. 3) They are not willing to compromise and start small and trade up later. Most cannot now or ever in the past buy the perfect home in the perfect location right from the start as a first home buyer.
Kin, Micka good luck with your investments for the year ahead whether it be growth, stagnation, or depreciation. My bet is stagnation or possibly growth in the overall market. Individual areas will obviously depend on their own characteristics. No matter what happens in the short term for those that hold for the long term it doesn't matter that much.
