So many questions. Will it crash or not? Is it a bubble or not? Are we overborrowed or just a mature nation using assets wisely? Are the banks being prudent about the amount of debt they allow us to get into - as Minister for Finance Brian Cowen urges - or are they throwing money at us so we consume ourselves to an overbloated state that needs deflation? Is the economy over-dependent on construction and the housing market?

What will happen if those arriving from the new EU countries - many of whom are physically building our houses and roads and on whom the construction boom depends as they form an important section of the rental market - decide it's too expensive and leave, causing a drop in rents and a sell-off of investor properties?

If we could have predicted five years ago what the property market would be like today we'd be laughing.

The theme of last week's property conference organised by the Real Estate Alliance - "Everyone sees 20:20 with hindsight - we find foresight works better" - was therefore a timely one.

With debt levels and Central Bank warnings about inflation ringing in members' ears, and Taoiseach Bertie Ahern's recent fanning of an already hot market falling like manna from heaven for many in the business, a huge and high-profile crowd gathered at the Berkeley Court hotel to hear a line-up of big-name speakers give their predictions for the future.

Less carefree than Bertie, prudence was Cowen's favourite girl as he urged banks and individuals to ensure their borrowings were affordable in a rising interest rate climate.

Strong fundamentals were underpinning the market but all the signs are pointing to a cooling-off in house prices, with a soft landing by 2007, Cowen said.

"But we can't be complacent that this is inevitable, and we have seen strong house price inflation since last autumn.

"The need for prudence must be reiterated. There are risks from rising debt levels, and there is a need for responsible behaviour on the part of lending institutions and individuals. Prudence on the part of the financial institutions in their lending policies is vital."

But whether we see the sort of caution needed for a soft landing is debatable.

Leading property commentator Jim Power, chief economist with Friends First, told the conference there were plenty of reasons to be cheerful about the property market over the next five years - but also some serious risks.

Prudent lending on the part of financial institutions, he believes, is all surface aspiration and carries no real conviction.

"Mortgage providers are falling over each other to provide credit, " says Power and there is nothing that can be done about it. There is huge competition between the financial institutions since the market was opened to overseas banks.

"The Central Bank and the minister for Finance may urge caution but the financial institutions don't follow the stress tests in any rigid way. Once you allow people to borrow money, they will spend it - and the current rate of growth in personal debt, which now stands at a ratio of 116% of disposable income, with mortgage lending growing 30% in the past year, is simply unsustainable."

At the same time, our average loan to value ratio still stands at 68% - a figure Power stresses is an average.

"There are a lot of people who borrowed a lot of money recently who may find themselves under pressure as interest rates rise, " Power argues. "There is also a segment of borrowers who were on very attractive introductory mortgage interest rates, who will now experience rate rises of 1.5% to 2% as they move to standard mortgage rates and these people may also find it more difficult."

Despite jitters about debt, Power is a "glass half-full" analyst rather than a "glass half-empty" purveyor of gloom.

"I don't believe the Irish housing market is a bubble. There are strong factors driving it forward and making it sustainable. A bubble defies logic. What has happened and continues to happen in the Irish property market does not defy logic. It is driven by strong fundamental forces.

"I am upbeat - but I would have a view that the economy is becoming overly dependent on the housing market.

"We cannot depend on a burgeoning market for ever. At some stage we will have pumped enough concrete and bought enough properties to satisfy demand. All I argue is the policy makers need to develop other economic activity to run parallel to construction so when house-building does fall to about 65,000 homes by 2010 there is another strong sector creating employment and wealth. " The conference was also addressed by Hendrik van de Kamp, president of the Irish Planning Institute and head of the School of Spatial Planning in the Dublin Institute of Technology. He said new planning legislation brings greater certainty for homebuyers and developers because it is "plan led" rather than "project led".

Local Area Development Plans and the National Spatial Strategy provide a more sustainable framework for developers, builders and buyers, he said.

What's driving us property mad

» Low interest rates. Ten years ago they were 14%, today mortgate rates are 3.5%
» Full employment. Ten years ago there were 1.16m people at work. Today there are 2.2m
» More buyers. High birth rate, immigration and the fact half our population is of a house-buying age is increasing demand
» Supply of homes: we are building 19 per 1,000 head of population, compared with 4/5 per 1,000 in the UK.
» Availability of credit. Six years ago mortgage lending was worth �?�25bn. It now stands at �?�125bn
» Construction is now worth �?�30bn to the economy and housing accounts for �?�19.5bn
» The tax from VAT on construction is �?�2.6bn and �?�800m from stamp duty