The new town at Adamstown near Lucan, west Dublin, was the biggest seller through Gunne New Homes, but overnight queues of first-time buyers anxious to secure a home have become a feature of many launches in the past eight weeks.

Altogether, the four leading new homes agents . . .

Hooke & MacDonald, Hamilton Osborne King, Sherry FitzGerald and Gunne . . . estimate that they have sold at least 3,655 units for some 1.57bn.

This performance comes on the back of increasing prices and interest rates.

Recent figures from the Permanent TSB/ESRI House Price Index show that new homes prices went up by a further 1% in January, with the average price of a new house/apartment in Dublin now 279,031.

One of the biggest success stories was Adamstown Castle, Castlethorn Construction's first phase of the new west Dublin town.

The completed Adamstown will house over 10,000 people, three primary schools, a secondary school, a new town centre, businesses, train station, park and leisure facilities.

"Adamstown was a phenomenal success, with over 210m worth of sales made over the launch weekend, " says Shane Daly, director with Gunne New Homes. "People queued overnight, and the first 300 units sold out so quickly on the first day that we released a further 300 at the same price that weekend. We could have sold another 600 units for Castlethorn Construction if we had them."

The combination of affordable prices, good infrastructure and attractive design was just the right cocktail, he says.

"We will be launching again later in the year, and already we have hundreds of people on a waiting list."

Ken MacDonald managing director of Hooke & MacDonald says the first two months of the year have been phenomenal. "We've sold around 1,600 new homes, both apartments and houses, mainly throughout Dublin, " he says, adding that they could have sold a lot more properties if they were available. About 75% of buyers have been owner-occupiers, mainly first-time buyers.

"Unfortunately supply is down, as the planning refusals from the end of last year are now beginning to take effect."

The only worry is that "with demand outstripping supply, prices may rise again, " MacDonald says.

Hooke & MacDonald sold over 320 apartments in their three big Northside schemes (Northern Cross in Dublin 17, Royal Canal Park, Dublin 15 and Mayeston, Dublin 11) last weekend.

Catherine O'Connor of Hamilton Osborne King says the price of new homes will continue to rise because of the shortage of supply.

"We've sold about 535 units amounting to 183m in sales since January. So much stock sold from the plans late last year that there simply isn't more to sell yet.

"Already, home hunters are buying from brownfield sites that won't be built for another two to three years.

But it's been a hectic start to the year, particularly around the Swords area in North Co Dublin, which is massively popular with young first-time buyers.

Affordability and good infrastructure are still the big factors."

Ross McParland of Sherry FitzGerald New Homes says his company sold 800 units so far this year. with all 200 units at their Beacon South in Sandyford, Dublin 18, selling out in one day.

"Around 80,000 new homes will be built this year, but only one in four of those will be in Dublin, and that's where the pressure is, " McParland says.

"Dublin has a very young population, and we need to see more homes being built for them in the capital."