The banking watchdog has voiced its concern over steep price rises, which are running at boom-era levels nationally and even faster in Dublin.
It also cautioned against the mindset that house prices will keep rising, which could fuel property speculation and potentially destabilise the market all over again.
The comments are the clearest evidence yet that the pace of house price increases in recent months has set off alarm bells at the Central Bank.
Nationally, the 16.3pc rise in house prices is close to the level seen at the peak of the property boom – and just before the economy crash – the Central Bank said. In some parts of Dublin prices are going up at a pace not seen since the 1990s, faster even than the official data indicates, officials believe. The Central Bank outlined what it believed to be a major threat to financial stability posed by the housing market.
Read the full story in the Irish Independent
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