The Irish Mortgage Brokers Association says failure to address the supply needs within the housing market could create another property bubble.
House prices across Ireland rose by 8.5% in the 12 months to the end of April, according to the Central Statistics Office.
The figures show property prices in Dublin jumped by 3.1% on a monthly basis in April.
Karl Deeter, from the Irish Mortgage Brokers Association, said the country is on course to repeat the mistakes of the past property bubble.