QE = more demand, pushes interest rates down and prices of bonds (or whatever the central banks buy) up. This translates to higher prices of other assets (even those not directly purchased by the central banks), because as bond prices get high and yields low as a result of QE purchases, investors chasing yield start looking for other alternatives and are willing to accept higher risk and/or lower return, because they simply have to put the money somewhere.
This affects all investable assets, including high yield debt, stocks, real estate, alternatives, art etc. The very idea of QE is to encourage risk taking in the economy and "make the money move", and it seems to work. Higher asset prices are a result of both QE and the policy interest rates (these tools are being used together with the same goal in mind, and it's hard to attribute it to each with some percentage).
Will this trend end once central banks stop and reverse their QE policies - most likely yes, because you can't trick supply and demand. Reverse QE = more supply, rates up, prices down.
The harder question is when it will happen, and knowing that could make one extremely rich. It appears central bankers are aware of the risks and take their time. Normally in this phase of economic cycle you would see policy interest rates much higher than where they are now.
Another possibility is that the trend reverses before CBs reverse QE, due to some other external shock. A single factor (such as QE) never acts in isolation. There will always be many other things affecting the markets - like oil price or politics, for example.