I think a lot of Australians don't understand property cycles in general. How many times have you heard phrases like 'Property never loses value', 'borrow as much as you can to invest with other people's money', or 'rent money is dead money' and that's before you get to the people trying to sell you something.
Similar to you, I'm predicting a pretty stagnant couple of years going forward at the moment with wage growth poor and interest rates not looking like they will drop further. Seems prudent to me to sit on the sidelines and build up a deposit/warchest.
