I think we can be pretty sure that there is no new Crowded House album in the pipeline (as much as I would love one).
The album Neil was referring to recording in his Twitter with the bubble football was definitely not Crowded House. The tweet coincided with when we know Mick Fleetwood was staying with him. Mick spoke a bit about staying with Neil and drumming on some songs at a Meet and Greet session before one of his gigs. He mentioned he was going back to do some more recording after his gigs. So we know there was at least a month spent in the studio in March/April last year that involved Mick Fleetwood. Liam was also heavily involved in those sessions, as Mick referred to how talented he is as well.
So last year we know for sure Neil was in the studio recording new songs, writing with Liam on new songs, talking at the very least with Tim about a new venture, doing a bit of promotion around the Crowdie deluxe issues and doing the SoH Encore shows - The only way there will be a Crowded House album coming out of all that activity is if he decided to get some of the guys to play on his solo album songs when they were over in Nov and decides to rebadge it as Crowded House (like he did with Time on Earth). Given the known involvement of Mick Fleetwood and Liam I doubt that will happen though.
I think the most likely scenario is we will see a solo album with some interesting collaborations get announced soon and then a bit later in the year the Neil and Liam album may come out. Or both albums may end up being merged into one (as Neil sometimes does).
I think that Neil views Crowded House in a similar vein to Split Enz now - its on the blocks but can be brought back to life when it feels right. I also get the feeling (as per the Enz) it will be for gigs and not for recording new material but would be happy to wrong! For that matter, I would love one last Enz album too!
Late last year was an absolutely fantastic time for Crowded House. The deluxe bonus discs were more than I had ever hoped for and the SoH gigs were brilliant.
Neil is never one to dwell too much on the past so I think in 2017 Neil will be focusing on getting out the new songs he recorded over a year ago now. Hopefully it won't be too far away - as Painoporo pointed out, it has now been 38 months since Dizzy Heights!