And it's true that some people have been really stupid financing multiple properties off of each other and trying to live off of rentals then having it all fall down. But that's hardly more than a tiny minority of idiots.
Furthermore the Australian property market really has at least two completely different levels. You've got Sydney with multi-million dollar hovels. And then you've got pretty much the rest of the country which is reasonably priced. There might be a third one which is "CBD apartments" which are also crazily high priced - but if you live there you're an idiot too.
Guess where most of the media is? Guess where most of the focus on pricing is? Yes... it's Sydney.
Now it's true our houses are relatively expensive. I watch some American shows where they're house-hunting and get pretty much mansions for 1/4 of the price of a normal house here, but, I suspect those are in semi-remote places.
But is it a party? Not really. Is it over? Not by a long shot. You can't trust any of this news.
Of course if you're buying a house way beyond your budget, or buying multiple houses, you're an idiot and get what you deserve. Also there's always the risk you do everything right but then lose your job, run out of savings, and can't make repayments - but we're all in that position.