For investing in a property, mid-term 5-10 years there is still a good chance of capital gain. But short-term is very risky now as interest rates are moving up. You can see this increase for NZD and AUD fixed deposit rates easily this year (I have some NZD deposits). It should be quite interesting in 2011 when many projects TOP. By then if interest rate here starts to move up marginally, sentiment will change. I'm just waiting for this to happen to get another property while accumulating my savings in NZD.
I recommend you read the economist Andy Xie's blog. His predictions are quite accurate. Compare what he said early last year to what is happening now
http://english.caijing.com.cn/2009-04-13/110142377.html
He mentioned several times 2012 is the year to watch out (I suggest you lock the interest rates to cover 2012 onwards if you have loans). More of his blogs are here in Mandarin
http://xieguozhong.blog.sohu.com/entry/