"The bulls are more than likely older, experienced, invested in...

"The bulls are more than likely older, experienced, invested in real estate earlier on and are reaping the rewards now and hence why they are pro real estate at present. "

Nothing wrong with real estate as an investment if you have many properties and can keep buying more with the cash flow they generate. I think property as an investment has still some way to go. But if prices still keep rising the property bears will be joined by the general populace and will also see this scam for what it is. I cant for the life of me understand why Japanese property just keeps falling the way it has . There is no other reason I can think of other than a realisation that property doesn't go up forever and there was a mass exodus from it (and the stock market) You can laugh as much as you want about people storing money in the bank. But that has been the best performing investment in Japan for a very long time, despite their economy outperforming ours. The fear of capital loss despite it being underpinned by a good yield seems to have had no effect there.

Just goes to show how much "belief of a bigger fool" existing, rather than intrinsic value(or yield) in an asset plays in its pricing.