The problem in evaluating the success of any investment is what you're measuring it in.
Even Bitcoin is susceptible to this.
Australia's real estate prices are even more bloated than the US RE prices. RE is a very popular SoV here because of the tax incentives from negative gearing & that RE has historically outperformed inflation.
I don't see RE going down much in nominal terms here. The incentives for politicians is to keep pumping the Ponzi. Grants for newly built homes are filling up new housing estates with cheaply constructed houses. It's quite insane to watch.
Here's a yearly snapshot of median Australian house prices in both Pacific Pesos & Bitcoin