I see some changes already. you can see few posting of 2 bdroom flats for 7k in the news paper which was not the case before.
Also, for the flats which is currently rented out, the land owners will be very reluctant to bring the rent down. people can't beleive the notion that prices can actually come down.
But new flats, I've visited few already and see they are getting lower, gradually. My current lease expires in April. I am paying 8K now. I hope I can get something for 6K when I move.