Think that out. The value of a property is very dependant on interest rates. Carrying costs, the amount buyers can afford to bid, etc. If rates go way up, I just don't see how valuations can go any where other than way down. You want to buy at the top? Buy high and sell low is generally frowned upon as a way to aquire wealth :)
So, either buy now or wait for the bottom when interests are high? It will workout the same as I see it, and we can only speculate on the future...Higher rates or not. If this guy can get the property now with low rates it sounds like a good move unless you think the unknown is worth something...