But this is the issue with zero interest rates.

There is no incentive to save, but alternatively, it also pushes interest rates on mortgages to near zero which increases the demand side by opening up home ownership to people that before couldn't afford it which pushes up prices.

The same occurs with stocks, with no returns in other asset classes everyone floods in to stocks and pushes the prices higher.

This is definitely the new normal going forward, because you can't increase interest rates without dramatically reducing purchasing power, which in turn leads to slow down across many areas of the market.