Historically both real estate prices and interest rates are procyclical. Central banks raise rates when inflation becomes too fast (which is closely correlated to house price appreciation).

But of course you can sometimes have a local economic decline while the currency area is experiencing overheating and high inflation.

Agree, but as long as Chinese money is seeking sanctuary as quickly as it is, I don't see any sign of SFBA real estate cooling off.

Sure. That's a real risk. There are probably much bigger risks to worry about, like the market crashing again or losing your job. The risk of interest rates going high enough to significantly push home prices down seems really small for the next several years.