Not necessarily. Look at the property prices of Miami as a good example... Yes they may have had a drop, a large one at that. But now its back up to pre GFC or higher. Based primarily off people from other countries wanting to park their capital in the USA.
The whole Australian property sector is that at the moment. It's the safety diversification play for rich Asians, who have more faith in the Aus housing sector than they have in their sovereign banks...
While the Aus housing sectors is a place for rich asians to park capital, prices aren't going to go down.... They don't even need good returns on investment. They just want security of assets and tight property laws that ensure no one (govt.) will tax/steal/acquire their money/capital.
