Residential property prices are at similar levels seen at their peak in April 2007.
That's according to the Banking & Payments Federation Ireland (BPFI).
Its latest Housing Market Monitor has said average prices are likely to continue to increase in the coming months.
It shows there was a 14.1% increase in residential property prices in the year to June 2022.
While the annual rate of rental inflation was 9.2% in the first quarter, with the national standardised rent level increasing to €1,460.
New dwellings completed. Source: BPFIIn terms of housing supply, Dublin accounted for around 37% of all completions in the first half the year - the second highest share since 2017.
Apartment completions made up around 31% during the same period.
Dublin continues to have the most apartment completions, accounting for about 80%.
Munster and the Dublin commuter region (Louth, Meath, Kildare and Wicklow) accounted for about 22% and 21.3% of completions, respectively.
Brian Hayes, BPFI chief executive said: "It is important to note that the main driver of the significant increase in average residential property prices in Ireland in recent years has been the lack of supply of new homes as opposed to lending growth, which was observed in mid-2000s.
"If we look at the latest CBI figures we can see that as of the end of 2021, over 45% of mortgage lending has been issued under the mortgage measures rules since 2015."
New dwelling planning permissions. Source: BPFIHe said while supply has increased significantly, this needs to continue to moderate house prices.
"The latest data from the CSO shows the level of housing output in Q2 2022 is nearly 48% higher than the number of completions in the first half of 2021 and 46% higher than total completions in the same period in 2019, prior to the pandemic."
He added: "If the sector continues to build at a rate similar to second half of 2021, the expected increase in supply levels over the next two years should help to meet the demand we are seeing as a result of the strong employment levels and income increases.
"Taking all factors into account however, is it critical that housing supply needs to continue to increase in order to moderate house price increases and enhance affordability in the market".
