Gav, the right time to buy is when you can first afford to and after due diligence is done through research . I know it may be a difficult pill to swallow, but if you wait "another ten years", how will you feel when prices are double what they currently are? I have a few investment properties and all my mates who were bagging me and telling me they will buy when the "impending crash occurs" and that "im going to be sorry when my assets are worth half what I paid" are guess what?? Yep either paying double the purchase price to what they could have, or still renting - one is actually renting a property I lease to him!!
It is obvious that you are a smart and conscientious guy. Get onto that warehouse - rent it out. Prices while maybe plateauing will not see significant falls in the long term, you will have an envious and unique place to live, depending on zoning and location you could sub divide or develop, knock down rebuild and think about the negative gearing tax breaks!!!
Just do it.....You will not go wrong..... I almost guarantee it!!