Hello Austin,
I'll paraphrase because it's been debated lots of times before:

You'll hear Dean say stockpile now. You'll hear Ron say everything points to the next boom being the "boom of all booms". You'll hear Tony Alexander say (not on this forum, but in his own newsletter) say the economy is in for a soft landing so the property market won't fall apart in a hurry, but neither will it experience the big gains again next time round. You'll hear Kieran say the astute investor is reluctant that this stage of the cycle, but is ready to pounce on any great opportunities. You'll hear Olly Newland saying cash up and prepare for doom and gloom. You'll hear others say to be wary at the moment, keep your LVR down, and be ready to pounce once the next upswing happens.

So you'll hear a lot - what you choose to listen to is up to you!

BTW - no one actually knows when the next upturn will happen. A lot of people are speculating it will be around 2010 (because of the 7-8 year thing), but as we haven't even got far into the slump yet, there is a long way to go till we come out the other side. Don't assume any dates.

The best thing I can suggest is to get hold of Kieran Trass's book "Grow rich with the property cycle" (you can buy it here on PT) to learn more. It's probably the best money you can spend at this stage of the cycle!
Many thanks