How do you think about it?

I do believe the value of property will be lower generally. But I still think it depend on the area. Like if the area is very high in demand it may remain flat and there won’t be significant drop. 

valuer afraid to give too high value to prevent default and bank chase after the valuer.

Definitely will drop/stagnant because valuers are reluctant to give high market value ady

refinance can get better value, resell to other buyer may not. 

because valuer also afraid new borrower cannot affort to pay and bank cant recover back the loan based on value quote during loan application.