I hate to be the prophet of doom, but I saw a similar situation back in 2006/2007 based on over inflated house prices and easy money here in Ireland. An economy not based on output/export is never stable long term. Hopefully it won't crash like it did here and leave many in negative equity and out of work. House prices where we lived in Sydney were getting really silly though. Its one of the reasons we decided to return home.
Mind you, since I came back here in June this year, things have really improved in Ireland. Lots of optimism and unemployment falling. New car sales are way up (always a sign of improving economy). Also had a great Summer.
Dublin house prices have gone nuts again though (will they ever learn
)