And while many homeowners are concerned as to just how much their monthly mortgage repayments will increase, others are asking themselves a question that would have been unthinkable even a year ago. Specifically: "Is my property now worth 1m too?"

That report this week from agents Sherry FitzGerald, stating that 192 second-hand houses sold for over 1m in the spring, compared to 122 for the same period in 2005, will hardly come as a big surprise to anyone who has been house hunting in Dublin, particularly within a three-mile radius of the centre.

Also, the fact that that cool seven-figure sum doesn't buy an equivalent whopping amount of space by any means, is evident in the examples of two-bed period houses with small gardens recently on the market in Dublin 8. Two refurbished and extended properties for sale by auction on St Alban's Road, off the South Circular Road in Dublin 8, each had an AMV of in and around 1m, one of which sold in excess of that figure, while one was withdrawn and is now quoting 1.05m.

But because it is so commonplace these days, people are no longer frightened, or overawed by the 1m tag, says David Bewley of agents Lisney. "It's a figure that is an accepted fact in the market now, associated with streets such as those off the South Circular Road, as opposed to an acre running down to the sea in Killiney."

The fact is that a home now doesn't have to be that special, but at the same time, price is hugely led by location, says auction director with Sherry FitzGerald, Simon Ensor.

"Eighty thousand units are being built each year, but mostly on the outskirts of the city.

There are more and more people pushing back in, but there is not an infinite supply of the type of period houses so sought-after.

"By their very nature, no more red-bricks can be built, and even if they could, there is no more land to build them on. As a result there is a significant volume of people chasing an ever decreasing supply.

"Traditionally, people held the view that a property priced 1m had to be huge and luxurious. The reality now is that it can be quite a modest property. Any of the well-located roads off the South Circular Road have now reached the 1m figure. Raheny, Clontarf, Howth and Malahide on the northside are all witnessing a phenomenal demand in terms of well located properties and also reaching those record prices."

An increase of 30.5% for the 12 months to March 2006 bears out the strength of demand for second-hand properties, say several agents. If that percentage is applied to prices for this time last year, it shows a significant jump in parts of Dublin.

The 1m end of the market is definitely booming, says agent Felicity Fox. Those trading-up, from perhaps a smaller two-up, two-down of around 650sq ft, and who have built up significant equity, comprise a large proportion of the buyers now turning up for the 1m auctions, she says.

"A lot of the properties that last year fetched around the 400,000- 450,000 mark are now selling for 600,000 650,000. Similarly, what could be bought for 800,000 has jumped to 1m. Those South Circular Road offshoots such as Lombard Street or Curzon Street have risen in price significantly. In Dublin 4 areas in Ringsend, around Barrow Street, Bath Avenue and Londonbridge Road, where you could have bought last year from 750,000 to 800,000, have now gone up around the 1m mark.

"Similarly, on the northside, we recently sold a property for 1.1m on the Old Cabra Road that last year would have been around the 800,000 mark. If you own a period redbrick that has nicely proportioned rooms, is nicely styled and well located, then you can't lose out because these sought after houses are obviously not being built anymore."

David McGuinness, from agents HOK Residential, says that semi-detached family houses, in need of some refurbishment but with great space and good gardens around Dublin 3, are attracting buyers willing to spend that seven figure sum on a decent family home.

"Clontarf has witnessed that 30% increase in price and what you could have bought last year for 650,000 will now cost 1m."

It's interesting to note, though, that the big jump in prices came at the start of the year and some of the really outstanding records were set even before the auction season fully kicked off after Easter.

"In the earlier part of the year, " says Ensor, "auction rooms were packed and it was standing room only and viewings were exceptionally high because there were so few properties on the market. Now, it is more difficult. We have seen more withdrawals in the last couple of weeks because there are so many more properties on the market and demand is spread thinner.

"But the underlying demand is still very strong and like last year, I believe that most properties which failed to sell under the hammer in the past couple of weeks, will be gone by the end of the summer."

In 2005, the number of houses that exceeded the 1m figure totalled 487 for the entire 12month period. The comparable figure for the whole of 2003 was just 40 houses. Given that house price inflation for the year to March 2006 has exceeded even what the bolder experts predicted, and with second-hand properties in Dublin rising by 11.2% during the first three months of this year already, it's no longer a case of who wants to be a millionaire, but what's worth a million . . . and where?