just another bubble waiting to pop? 
Bubble to pop only happen in you live in country with shitty lifestyle as an average e.g. Japan.Even the fertility rate is low, but if the country can pay high and the average people can have decent lifestyle, people from third world countries will move there and make the property price stagnant/rise.
We're witnessing a shift: instead of saving for a home, people are turning to alternative assets, remote lifestyles, or simply accepting long-term renting.
Nope, they choose long-term mortgages like 20 years.What I know people who choose to turn their wealth to alternative assets are middle upper class, they actually can afford to buy house, but they see other assets are more promising and they can live for "free" because the return of their assets can cover their rent.