With Sydney prices dropping, negative gearing and CGT discounts on the chopping block, changes to lending making it much more difficult for foreigners to buy, etc, etc, is now the worst time to be buying in the Australian market? It sorts of feels like a perfect storm is brewing, and it's got me nervous. For reference - the place I'm considering is in Fitzroy North, VIC. Agents have all reassured me "Fitzroy North will always be desirable, especially the Victorian heritage listed properties on good streets, and won't be negatively impacted - or only mildly - by a pull back from foreign buyers." Of course they are agents, and they'll say what they need to in order to maintain my confidence. What do you all think? Is this an okay time to be buying, or is it a better time to be on the sidelines waiting to see how things work out over the next several months (election, etc)?