Estate agents have reported that a lack of new stock on the market is driving up house prices in Dublin.
According to The Sunday Times, the Dublin Property Price Index is predicting house prices will rise by an average of almost 6 per cent in 2022.
The most desirable areas for those looking to buy a house are Ranelagh, Ballsbridge, and Rathmines. Meanwhile, more affordable homes are currently found to be available in Neilstown, Ballymun, Tallaght and Darndale.
Last year, the most expensive three-bedroom house was sold in Ranelagh, Co Dublin, for over €1 million. Meanwhile, the most affordable house was found to be sold in Neilstown for €200,000.
According to one Dublin estate agent, there have been an average of 20-25 bids per home.
Speaking to Newstalk, chief executive of the Institute of Professional Auctioneers and Valuers Pat Davitt said that numerous bids can create challenges for agents.
"The more bids there are, the more difficult it is for an agent to make sure they have qualified the purchase, so that the purchaser can actually buy the property when the hammer does fall," Mr Davitt explained.
Earlier this month, the MyHome.ie / Davy Q4 2021 Property Price Report detailed a record low of just 11,300 homes listed for sale.
'Right to a home'
According to People Before Profit TD Paul Murphy, setting up a State construction company and putting a stop to the hoarding of land are both solutions to the housing crisis.
Speaking to Newstalk, Mr Murphy said major changes are needed to current policy to address the situation
"The whole housing crisis is completely interconnected, and its root is a system that is based on prioritising the profit of developers, of big construction companies, and of landlords," Mr Murphy said.
"So we need a housing policy that is instead rooted in providing people the right to a home.
"House prices are out of control... they are out of reach for the vast majority of people with ordinary, even somewhat well paying jobs.
"And this is one aspect of the housing crisis which sees now over half a million young people stuck in their family home when they would prefer to be out either renting or buying somewhere."