They may have missed the opportunity to buy a specific property at the prices that have developed since taking on board his view and taken no action. But there are still houses for sale arent there?. If they saved up they would have a larger deposit, in some places in Sydney prices are 4-5% lower than they were in September of last year.
If they wish to wait a little longer they may be even be in a better position to buy than say two years ago and their LVR may end up being lower.
But i guess from your comment you must be of the view and people who had not acted 5 years ago are now priced out of the housing market forever..
