The fixed rate that you can get from the banks are lower than the floating rate, which points to all the banks anticipating a drop in rates over the next couple of years.
Sales are very flat and this has resulted in an effective drop in selling price to encourage sales. Many properties have had their list prices reduced, and those entering the market are coming in lower than they might have 6 months to a year ago. This whole trend has really taken hold only since April and is likely to stay a buyer's market until the predicted reduction in lending rates causes a perceived upswing in the market.
There are always good buys and bad buys in any market, and with sufficient homework there shouldn't be any need to wait for the "bottom" of the market. It might already be here, and in most cases anything you pay for a house now will seem cheap in 10 years time.