instead of being hell bent expecting property prices to fall in...

instead of being hell bent expecting property prices to fall in line to suit your budget.... that requires a miracle that will not happen.....
in the meantime you will miss out, and get further behind the 8 ball.....

unless the govt organises a program to build another 150,000 houses Aus wide...within the next 3 years...that would be a miracle...and then those houses will be out in the suburbs anyway....it will barely have any affect on inner city prices

start looking at new homes in the outer suburbs,,,,the affordable homes....near freeways and tollways...
you may get some more grants to help you along
or look for established houses, within your budget...
tons of them are out there....

you may also find some nice interest rates coming your way by mid Feb to Mar....after the govt and rba get the shocks, due to come as reality sets in....

alternatively, you will need to plan on sharing a house for a rather long time, with rents rising, or have to stay with mum and dad....
house prices will not fall....so start working a plan B, you will be amazed at how easy the monkey falls off your back...and you can get on with your life...