On the streets of Galway city, people of all ages and backgrounds have given their reaction to a new housing price report by property website MyHome.ie in association with Bank of Ireland.
The average mortgage loan for a house purchase has exceeded €300,000 for the first time and is up 7% on last year, the report shows.
Annual asking prices were up 8.4% last year, the report said.
On average homes are being sold for 9% above the asking price with one in seven selling for 20% above.
Many expressed deep frustration and despair at the relentless rise in property prices.
The widening gap between asking offers and eventual sale prices has seen many people taking on debts they cannot afford.
For others, it puts the dream of purchasing their own home out of reach.
'You're gonna rent for the rest of your life'
Ollie Warner and Pedro Zavarello are journalism students at the University of Galway.
Both want to work in Ireland, but are extremely pessimistic about ever owning a home in this country.
Ollie said he expects he will be renting forever if he stays here.
He told RTÉ News: "I love Ireland. I really want to, you know, have a little house, a few acres, you know, ideally, next to a lake.
"But I don't think it's realistic. And I don't like cities myself.
"So for me it probably means moving to a different country where I could actually own a property. I mean a lot of people are paid amazingly well in Ireland, like we have a very good minimum wage, and even, you know, there's a lot of money in Ireland and people are struggling to buy houses.
"That sort of tells you a lot. So when you're starting out, and you don't have a career yet - like we're applying for internships now, actually - and it's hard enough to find work that's free.
"So to see people who have careers and have good pay in one of the best paid countries, you know, struggling to buy a home, I think, as a young person, you're kind of thinking, yeah, you're gonna rent for the rest of your life."
Ollie said his sister is in the process of buying the family home.
He said: "We had a farmhouse, but even with a 50% stake it's difficult for her to upgrade and refurbish it. Everything costs a fortune and she's already benefitting from the family connection.
"So where does that leave people trying to get on the property ladder without any financial help from their families?"
Irish housing prices compared to Italy 'crazy'
Pedro is incredulous at the cost of houses in Ireland compared to Italy.
He said: "I fell in love with this country as soon as I moved here. But the thoughts of buying a house is so unrealistic.
"Like, for example, I'm a student and I managed to buy a little house in the in the north of Italy. The prices are so much different that it's crazy.
"You know, I have a part time job, and I managed to pay my rents and save up. Like there are people with very good jobs here, with more than €100,000 salary per year.
"They're even struggling to get the house they should be able to afford and I'm a random student with a property in Italy. It's crazy."
'Lured to make offers you cannot afford'
Nicole Ward and Shauna Madden are in their 20s and working in retail in Galway.
Nicole said that the idea of getting on the property ladder is becoming a distant reality.
She said: "I think my hope will be to get a house in the future, but I think it's very hard for young people.
"Like, I'm 24 years old, and I probably wouldn't see myself getting a house until like, mid 30s, at least.
"And even then it's looking less and less likely. I think with wages and the cost of living and the prices that they're asking for houses it's very hard."
Shauna agreed that the future looks glum for first-time buyers.
She said: "Even now I'm in shared housing, I'm just renting a room and it's quite a lot so I can't see how I'm going to be able to afford a house especially with the cost of living.
"Like, I think if you have a car and you're renting it's a lot, especially with paying insurance and everything. House prices are extortionate."
Both young women were critical of asking prices for houses being nowhere near the sale price.
They added: "You often see houses going up on the market for maybe €400,000 and then they actually go for the bidding, it's way, way more than that.
"It means you're being lured in to make offers you cannot afford and the whole experience is so depressing."
'Unachievable to buy a house'
Stella Eboka moved to Ireland with her family only to be disappointed at every turn when they try to buy a house of their own.
She said: "My family moved from Spain about two years ago, and we have a savings account, and it's been growing. And we have put offers on houses, like multiple times.
"But unfortunately, the prices of the houses, the ones that we see websites, they just keep increasing because of the bidding wars.
"So it's sometimes kind of like unachievable to buy a house, and especially here in Galway where so many people want to live and the prices just keep soaring."
'It's a catch-22'
Dubliner Tom Buckley and his wife Mary from Galway have five grown-up children and despair of their younger ones ever owing a home.
"It's heartbreaking," said Mary.
"I mean our kids are well into their 30s and 40s and some of them won't get out of the rental market which is crucifying them and they cannot save for a deposit for a house," she added.
Paul agreed and was despondent about how they will cope.
He said: "It's a catch-22. If they do manage to get a mortgage they'll be 70/75 years old before it's paid back. They get into huge debt.
"They can't afford to go out. It's work to bed. They've no life. What an existence through no fault of their own."
The couple said goodbye and walked away shaking their heads in sad resignation at the what the economic future holds for their adult children.
