saturday june 26th 2010 reiv auction results, page-22

"The property bulls on here seem to put all the bears into the same group, expecting housing Armageddon! I do not expect this at all, but do expect we will see a period like the early 1990s where prices drop and property loses its shine. I think we will see drops across the citywide/nation wide medians of around 20%. We could see a Keen style drop (40%), but think this is less likely and IMO we would see further government intervention before such a drop be allowed to occur."

Just like all property bears on here seem to put all the bulls into the same group i.e. expecting continuous rises forever unabated. Like you I believe that the property market will come back up to 20% and then stagnate but that is hardly anything to worry about and it is hardly the end of the world and I wouldn't consider this a crash.