Average asking prices for properties going on sale around the country are rising by around €4,000 per month, according to the property website, MyHome.ie.
In Dublin, the monthly pace of increase is of the order of €5,000.
The latest report from the property website concludes that we are likely on course for another year of double digit percentage increases with the annual pace of increase in Dublin back at over 10%.
The author of today's report, Conall MacCoille - chief economist at Davy - said house price inflation should remain strong despite the likely abolition of the ‘Help-to-Buy’ scheme in the upcoming Budget.
While acknowledging that 5% was another sharp increase, he pointed out that prices do tend to fall back after the busy summer.
"The outlook for Irish house price inflation will be primarily driven by robust jobs growth, rising incomes and competition among homebuyers, leading to more highly leveraged mortgage lending," the economist said.
"The likely demise of the help-to-buy scheme could lead to a rush of transactions in 2017 as first-time buyers move quickly to avail of the scheme and to a slowdown in 2018 as it is phased out," he stated.
"Nonetheless, the bigger picture is that Irish house price inflation should remain robust, driven by the recovering economy," he added.
Today's report shows that the mix-adjusted price on newly listed properties nationally rose by 5% in the second quarter, up 8.9% on the year.
In Dublin prices rose by 2.8% and are up 10.3% year on year.
Myhome.ie states that newly listed properties are seen as the most reliable indicator of future price movements.
It said that the mix adjusted asking price for new sales nationally is now €251,500, an increase of over €24,000 in the last six months.
The corresponding figure for Dublin is €360,000 an increase of €32,000.
The managing director of MyHome.ie Angela Keegan said the continuing tightness of the housing supply situation means houses are being snapped up ever more quickly by desperate buyers and that competition for properties will intensify during the year.
"There were only 21,000 homes listed for sale on MyHome in Q2, down over 11% on the year. This means that just 1% of Ireland’s housing stock of two million homes is currently listed for sale," Ms Keegan said.
"In Dublin where demand is greatest, fewer than 4,000 homes or 0.85% of the capital's stock is listed for sale," she added.