I'm surprised we haven't had a GFC already, given how the world economy is shrinking (at the moment, anyway) with coronavirus.
We probably have to look at what is happening in the US. They have a lot of people who are on mortgage holidays and also lots of people behind on their rent payments. They had major house market crashes in 1929 and 2008. NZ avoided a house market crash in 2008, but many NZ mum and dad investors lost billions in finance companies when they collapsed around 2008 with the GFC. Now we have a lot of those mum and dad investors who have helped to pump up property prices 20% plus on this last year alone.
Time will tell.