Not if you look at internal and external migration. Housing has gone up in the big cities of countries with declining demographics because the places where demographics are declining are villages and small towns because everyone is moving to the big cities with jobs and universities which see virtually unlimited demand irregardless of local demographics.

Look at Germany, Italy, Balkans, etc. all have declining demographics ranging from slight to severe yet housing in their cities has gone up from slight to severe. Like everything in real estate, it's all about the location location location, so everything is localized not extrapolated to the whole country it's why demographics can be steeply declining but prices steeply going up in cities.

Unless you want to live in desolate villages with no infrastructure or jobs, urban housing prices isn't tracking demographics.

Edit: to downvoters, check the numbers please