Actually all these talk to justify why must buy properties is just to please people who need factual evidence.
I tell you... the only thing that affect property prices is Confidence of the Market you are in invested in.
1) Supply and Demand? Irrelevant -> you know in 2009, we talk abt oversupply in 2011. Prices still went up (confidence in the system was strong. Recovery, bright blue sky) Now in 2011, we talk about massive oversupply in 2013.
2) Low or High Interest Rate? Irrelevant -> you know prices climb amid high interest rate of 4% from 2003-2006? But it dropped in 2008-2009(when interest rate was reducing) because of the crisis (confidence eroded in the system).
3) Rental yield? Irrelevant. CCR has a lot of properties that are not yield-supportive. In fact, a lot are left vacant. Again, Confidence in the system that ppty prices will go up.
Only thing relevant is get a good unit, good location and most important TIME YOUR ENTRY.. If you don't know how, don't chase the market. just let the recession come to you then you start buying. Now you enter, you got 50/50 chance. During recession you enter, you raise your success chance to 80%(cannot say above that coz you never know). But if you really want to time more perfectly, watch the govt counter-measures for property speculation. Once IAS, DPS, 90% LTV all these start coming in, you better be in the market.
Above are all based on my own recollection of events. No research are made to ensure the integrity and accuracy of the data provided... hehe...