Property prices in HK

I have been paying rent for 10 years. On hindsight, I should have scrimped and saved to buy one seven years ago. Anyhow, the time has come for me to consider the million dollar question: should I purchase a property now, when prices are at their highest.

The diagram which I have put together with statistics from land register shows the price trend from 1982-2017. Drawing from histoty, a price of 30-40% could happen in a span of 1.5 years. Which means the value of a 347 sq ft flat could decrease from 4.1mio to 2.87mio (30%) in say 1.5 years. A monthly payment of 25k hkd/mth over a 1.5 year period amounts to 450k, which is not sufficient to cover the drop in value.

Would it be more prudent to adopt a wait approach and purchase when prices do drop? I can get more for less! Based on the cycles, it looks like a correction is due by end of this year and a sustained drop cycle will take six years to fully pan out.