This is a question I get asked quite regularly. In fact probably weekly. Although asked by different people, its interesting to see how many people are either observing or trying to pick the trend of the current property market.
For mine the market is forever changing. We have ups and down all the time however its fair to say the last two and half years in real estate has seen unbelievable growth. Unforeseen and more so unsustainable.
Murphy's law will always tell you what goes up must come down. In realestate I like to think not go down but maybe correct itself. In order for the property market to drop there are a number of factors that need to change. Interest rates will need to rise again, demand will have to decline and properties will not be on the market. All these three things will not change.
Buyers are more educated now than ever and with a crazy two years or so in the property sector its time for the market to slow down. This does not mean the prices will fall however no 15% or more increase per annum. For example the area I live in presently has almost doubled in value in the last 5 years. I am one of the lucky ones that got in the market just before it went out of control.
In summary the answer is yes the market is changing but don't expect prices to drop - it doesn't mean prices will still increase at a rapid pace. Its always a good time to get into realestate!