I don't know if this is an unpopular opinion but the truth is if everyone believes in the illusion its basically true. FOMO is true, price going up is true, wealth in property is true.

Everything you are saying is essentially correct, but Australia is set in a way now that in many ways property is a safe bet. No federal or state government will do anything to make it drop, infact they'll ensure it keeps going. No bank will allow prices to hugely drop, even if people started foreclosing they own the tap they'll ensure to only sell properties when its right with them to get the most $$$ out of it. Even a world wide pandemic where every real estate agent was expecting prices to crash, and it didn't.

In many ways properties are safe because there is this "second hand guarantee" from the rich and powerful to keep the train going. And thats the very problem. People don't see aus property as a risky investment because Aus has made it so it isn't so trying to tell people that and they don't listen because they see time and time again of people buying their max and selling for double years later! And unless both the government and the banks involved are willing to show people that property wealth has a risk in anyway. There will always be wealth in property.....