This article by Neil Jenman is partly about the aussie/kiwi property market, but it contains several general principles which will be interesting to people who are looking at the property market. Neil Jenman was the first writer I found a few years ago who predicted the current crash in that market.
"He showed graphs of the stock market over a series of years. When the graph was high, people were buying. When the graph was low, people were not buying.
Of course, most people were doing the opposite to what they should have been doing, namely, buying in the gloom.
Now, to be sure, there's a lot of gloom in the property market right now. And that's why it seems like a good time to be investing.
But investing in property is more than just about buying in gloomy times, it's also about buying when the numbers are right."