You can tell we are at an important early stage of this cycle just by listening to the noise on the drums. For example:
The AMP’s chief economist Dr Shane Oliver said we can “expect increasing jawboning from the RBA with a rising likelihood of credit growth restrictions for investors if it doesn’t slow soon”.
As a result, he said “the medium term return outlook for residential property is likely to be very constrained”.
See here: http://www.sharecafe.com.au/sharecafe.asp?a=AV&ai=31841
If you are going to invest in property you must get facts and learn to interpret them. You must be an independent thinker. Otherwise you just won't be able to take the strain from all the massive negativity that constantly surrounds, from 'authorities' and experts to 'official sources', it never ends.
So while the weak fold or run and are easily put off by all the nonsense, the well informed, properly prepared, and sometimes courageous do very well.
Jan Somers' books are a good place to start. http://www.somersoft.com.au/books.htm
I loved a phrase in her
Building Wealth in Changing Times: ...get used to big numbers.