I can only speak for a place like Australia which has so much empty land and not many people. Things like if all the red tape goes away, cheap technology improvements like 3D printed structures, new cities being built closer to Asia, or vengeful youths with pitchforks in the street could allow property prices to come down significantly. It might take a generation or two though as the property market is what everyone talks about.

If they see the success of people who simply save in bitcoin and are not getting debased and their living standards continuously get better, there's no need to take unnecessary risks in property investments.