The bubble in Australia is property driven. This part is different from what we saw in Japan which was a bubble in all sectors.
The ASX is still 20% below its 2007 levels because mining, manufacturing and retail shares are not doing well. Banking shares however are hitting all time highs on the back of record profits 80% of which are derived from the mortgage market.
You'd have to be blind to not see this. Yes Australia has a property bubble and unfortunately the building industry is the only sector left propping up the economy.
It may continue for another 20 years for all anyone knows based on the back of increasing Chinese investment but I suspect this will falter too and so will housing and the banks.
