My 2 cents worth....
It is interesting to note that the owner occupier allowance increased for the month of OCT. So the HK housing index has not been affected yet... Also interesting to note that only the variable rate increased and not the fixed, I thought the variable was a percentage of the fixed amount?
So when will the housing index decrease?
Personally my apartments valuation has dropped 5-8% over the last two weeks. As for selling, sure it will be nice to walk away with a heap of cash. I'm still trying to sell for the right price, but I guess for myself that will have to wait another 5-10 years. If one is able to sell for the right amount then take the cash and reinvest when the market is more stable, one will be able to buy into a larger apartment and have a fist full of cash! Cant sell for what you want, personally I'd hold onto it.
If you dont think the market is going down, you are in denial. Read the newspaper, have a look at some real estate web sites, it's easy to see that the market has slowed down, and prices have already begun to slide.
At the end of the day we all need a place to live, but I would suggest to those looking to buy now to put buying on hold until the market is more stable next year. Just my opinion, but make sure you make yourself as well informed as you can before buying, on everything.
Good luck