My two cents
While you can't predict the future, I feel there is most definitely an element of bubble in house prices.
Look at the figure historically, 33 years ago, house prices outside of Dublin were c.£3000 and a redbrick in D6 would cost you c.£4000. Today it's Eur 150k as versus Eur 500k.
You have to ask youself, stripping out the historical variables (70's economic stagnation, one income households, high rates of interest, as versus 00's high demand, congestion avoidance premiums and low interest rates and higher pay with double incomes the norm), is it sustainable?
So long as people have the confidence, capability and willingness to pay 10 times the average salary for a house they will, but change the variables and that WILL change. It's just a matter of when.