Looks like the big step down has been pushed out another year at least, with the latest Riksbank's reductions in the interest rate, now down to 1.5%.
According to valueguard's house price index, prices rebounded a bit early in this year. Now with rates dropping on the inter-bank market, people will start loading up again with debt.
I'd have thought so too, but by pure fluke this evening I looked on Hemnet (the swedish Daft.ie) on the insistence of a work colleague who wants me to buy property, and settle down into the swedish way of life. Even for relatively central (and thus non heavily immigrant) parts of Stockholm like Bromma, prices on multiple properties from multiple agents were less than half what I would have expected them to be. At first I thought that it was just old fashioned low reserve to draw people in, despite the new "accepterat pris" policy that is supposed to be more realistic to the end actual selling price, but in other parts of the city the prices were as I would have expected them to be (ie 25-30k per m2). I also spoke to a colleague this evening who paid 15k per m2 for a place in Sollentuna which is a lot less than I would have thought possible a year ago.
So who knows... maybe some realism is finally effecting the market. I still won't be buying... might be leaving instead to head further afield