I think now the people already divide to two group, the wealth and the normal class.
As for Wealth Group, whose with lots of asset and its value inflated since the 2009-2013 period. i.e. those who have land in KL suburban area, own a shoplot somewhere in the urban area in KL, etc. Also, including those who bought two unit terrace/condo and price inflated from 400k to 1m+
This group will have Debt-to-Asset Value, i guess less than 20-30%, and these group will still have spending power but will choose NOT to purchase more property(or choose only property with superb investment strategy).
As for Normal Class, struggling with the high living cost as well as constrained by the bank borrowing filtration. Those who havent got home yet will be pushed to the Super Flat a.k.a. PR1MA/Affordable House.
As for Developer, those Cash Rich Developer also same to the Wealth Group, they will never be any problem on their cash flow as there was huge amount of profit they made previously also they have a huge group of inflated asset/land bank holding with them. They will need to slowdown their pace and do minimal development to keep the company running. the new development is either to test the market as well as slowly sell off their land bank at discounted price(launched project but sale only 30-40% and the remaining selling slowly).
For Struggling Developer who are in debt with bank and need to keep financial rolling would have no choice to launch and possible with discounted price also risk of abandoned project to buyer.
Went to two auction fair in Last Week, first auction 15units for auction, ONLY one Bumi Unit Sold at 280K the rest all No Bidder. The second one, ard 32units, One Flat at Klang sold for 30k and anohter Shah Alam Small Soho sold for 280k, the rest was No Bidder.