The rental yields haven't made sense for more than a decade. The owners don't care - they made most of the money from property value appreciation.

The "greater fool" story has been chewed to death for at least 15 years, yet the prices continue to go up.

Will there be a crash? Probably. But predicting this crash for years is like saying every day it will rain soon. Eventually it will rain. But if you trusted your tomatoes on that forecast you would not have any to eat.

The real question is: will the prices crash to the level seen where you (or whoever is following)  first anticipated this crash? Scenario: Someone wanted to buy a house in say 2009 and after some research decided: no, this is not sustainable, the market will go thru a correction - I will wait for that. If the market crashes this year, will the valuation go back below 2009 levels? 

P.S. I am not in R/E