well I would be waiting till interest rates hit the bottom. When...

well I would be waiting till interest rates hit the bottom. When the RBA shows signs of increasing them again I think that would be a good time to buy and lock in a fixed rate.

I/we can only afford something around the 300k mark and these are my thoughts:
in melbourne (depending on where) this seems to be a good entry point. I have heard how a property that was sold for about 340k in Jan are now selling for about 320k so - yes prices may continue to decrease but if I wait a while till the situation above, it could be the turning point for the economy/sentiment etc

My other thought is this:
lets say for example that I'm paying 300 a week in rent. if my mortgage repayments are 300 a week (due to low rate, not very big loan) wouldn't I be better of in owning a property instead of paying rent? (Aside from the additional costs of owning a property) To be honest I can't see rents even decreasing, at the very least they would be maintained at the current level. Am I missing some logic in this line of thinking?