Cash is king: 40pc of homes bought without mortgage
The highest hikes in house prices are now happening outside the main cities of Dublin, Cork and Galway, as the property squeeze spreads to large towns across the country.
And as many as four in every 10 homes are bought without a mortgage, as cash-rich buyers vie for properties against those who need a mortgage.
Sales of €1m-plus homes have surged as houses prices continue to rise, the Irish Independent's quarterly analysis of the Property Price Register reveals.
The average house sold between June and September cost €235,429, new data reveals, a 12pc hike compared with Q2.
And first-time buyers and families hoping to trade up are facing stiff competition from cash buyers for the scarce number of homes coming onto the market.
Some 140 properties costing €1m or more have traded hands in the third quarter alone, compared with a total of 153 in the first six months of 2015.
Most were in Dublin, where 120 units falling into this price bracket traded hands between July and September.
The data, however, shows there is a shortage of homes across all regions.