Having also looked in the real estate market in Vienna -- yes, I've already seen a reasonable price drop. Some sellers were faster to realize this than others though, so you have to approach each property with a cautious eye. How "aware" is the seller that it's currently a buyer's market?
That said, you need to be careful -- if you're going to become picky about the layout and look of a house, you would do better to set a budget range of what you're willing to spend upfront. Because you'll find it extremely difficult to negotiate for the features you want *and* a low price you want. Often the features you want are features others want too, and thus that increases the price. If you want just a low price, be prepared that the homes may not have all the features you desired.
Hope this helps!