Too many variables to say. In theory, you would say a stable population all other things equal would keep the housing prices equal (or drop a little initially since predictions aren't green anymore). In practice, even without foreign money, there are still many ways with which the value of housing can go up. And as long as the majority of voters want housing to go up, it likely will.
Practice can be seen by the many cultural shifts we had which had zero to do with population growth / housing shortages, but still increased prices tremendously. Higher loans, longer mortgages and lower interest rates, for one. Increased dual incomes is another.
However, unless there is another population boom on the horizon (which really seems unlikely at present). Property speculators must have their doubts.
This combined with climate change and it's ability to change the landscape (literally) makes it getting harder to predict where people might actually want to live.
For example, I visited Scottsdale, Arizona not long ago which is going through it's own mini-boom at the moment. Will that be a nice place to live in ten years with rising temps? One would have to ask the question? Would people still pay huge money to live in Tahoe with poor snow quality and lots of bush fires in summer?
Practice can be seen by the many cultural shifts we had which had zero to do with population growth / housing shortages, but still increased prices tremendously. Higher loans, longer mortgages and lower interest rates, for one. Increased dual incomes is another.