On the bright side, whoever are waiting to buy their first house, this is going to be the good time if you can manage to secure your job in the long run, this is a time to buy as interest rate is so low right now.
I've been studying real estate markets for a while now (~15 years).
It's complicated to figure out if it's a good time to buy, real estate value isn't tied to interest rates, the real value is how much cost the piece of land then how much is construction cost.
For my parents' generation real estate was really cheap compared to the average income (an average house was worth 3 or 4 years of the average income at the time) but interest rates were much higher (between 10 and 12%).
Still if you take into account the cost of the loan and the inflation (~30% over 25 years) you figure out real quick prices have been out of control for nearly 20 years now. In the past 20 years house prices have been multiplied by 3 and in the meantime incomes have only risen by ~30%. The low rates are far for compensating those higher prices.
People seem to satisfy themselves for prices increase but it's only beneficial if you're leaving the market (but where are you going to live?) or if you're selling to buy smaller.
Just a quick example, say you bought a flat of 50m2 back in 2005 for 100k. By analogy (and for the sake of simplicity, I know the more the surface the less the per m2 price) a 100m2 flat was worth 200k at that time.
Scenario 1:
10 years later prices have doubled, now you have a family and you want to buy a 100m2 flat.
You sell the old one for 200k (wow 100k capital gain!) but then the 100m2 is now worth 400k. You need 200k more.
Scenario 2:
10 years later prices have been divided by 2, now you still have a family and you still want to buy a 100m2 flat.
You sell the old one for 50k (ouch 50k loss!) but then the 100m2 is now worth only 100k. You need 50k more.
What must also be considered is during that time you also have saved on the rent (usually not 100% cause as a owner maintenance costs are now on you, same for city coucil tax, etc.).