No, that won't do it. As long as people think the market is still going up, when old people "start dropping off the perch" their property will be be snapped up at a premium.
The price of property can't keep going up indefinitely. When it stops going up, speculators will start to dump their stock, and that will turn into a panic.
All those 'old people' who we complain about are going to start dropping off the perch sooner or later. That's when the bubble will really burst.