Irish property's first significant trauma in a decade is being reflected in its performance at these auctions, leading to a self-perpetuating situation whereby confidence in the market is affecting sales, and lack of sales is affecting market confidence. Houses are still selling, but not, it seems, at auction (some figures suggest only 20% of auctions are directly generating sales). So the question facing vendors is whether to hold off until we have more clarity about the situation.

This lack of clarity has been caused by a market coming to terms with rising interest rates for the first time in years, and some mixed messages coming out of the various government and opposition parties regarding whether stamp duty will be retained, tweaked or abolished entirely. January should bring some sense to the situation, with a more accurate forecast on future interest rate rises and a new budget.

But, even with clarity, there is talk of the upper end of the market being overvalued by a significant percentage . . . which might in itself explain the lack of action at auction.

But, whatever the reasons, the reality is that a failed auction will end up costing the vendor more than just their pride . . . the costs can actually be measured in terms of hard cash. It must be stated the fees going to an estate agent are no higher for an auction than they are for private treaty. So why is an auction so expensive for the vendor? And is it all money down the drain if the thing doesn't sell?

The majority of the costs of bringing a house to auction come in advertising fees . . . the burden of which must be carried by the vendor.

"When you are bringing a house to auction, you can't do it quietly, " says Felicity Fox, whose practice has built up a significant profile in a relatively short time. "But the advertising campaign itself could set you back thousands."

How many thousands is a subject for contention. Fox suggests a figure of between 4,000 and 7,000, although figures as high as 15,000 have also been suggested. And while this money will have been spent on generating significant buzz about the property, a new campaign will almost definitely be required should the auction itself fail to generate a purchase. This new figure, while not usually being as high as the original costs, will still set the vendor back typically up to 5,000, depending on how prominent the vendor wants the ads to be.

The difference between this type of advertising and the advertising leading up to an auction is that private treaty advertising will usually have a longer shelf-life. Many people chose in the past to go down the auction route because it practically guaranteed to wrap the selling process up within three weeks . . . a private treaty sale is in it for the longer haul.

"With advertising, you get what you pay for, " says David Bewley, a director of Lisney.

"You can spend as much or as little as you like, but with an auction, the campaign lasts a finite time. But advertising for private treaty lasts longer than the shelf-life of the newspaper, and you do not necessarily have to advertise every week to generate interest. However, you will need to advertise if you are not getting viewings."

Then there is the possible stigma of a house which does not sell becoming tainted with the tag of being undesirable.

But while some people might be put off by this, others will still be looking at the current auction results with anticipation, seeing an opportunity for a better price.

"I believe that purchasers are cleverer than to be put off by a house not selling at auction, " says Felicity Fox.

With this in mind, there are certainly dangers inherent in your house not selling at auction in this new, cautious climate. At the moment, only about 20% of auctions are directly leading to sales, with a further 30% to 40% selling immediately after the event.

The remainder is going on to private treaty sales.

Part of the reason for this is because there are a number of houses going to auction that are not really auction property, and a good auctioneer will instinctively know whether a property really deserves an auction. Another segment is not selling because the AMV bears little relation to the reserve price (although David Bewley describes such vendors as "delusional", in that there could be a room full of people with the AMV in their pockets who have not budgeted for the inflated sense of value that many vendors have in their properties).

But much of the reason lies in the fact that some politicians have stirred the pot by suggesting a reduction in stamp duty. And while a few percent will not make a huge difference at the entry level, the notion of having a reduction in stamp duty on a house worth in excess of 1m will certainly be a consideration. After all, who wants to pay in the region of 200,000 extra for a 2.5m house, if that figure could come down in the relatively near future?

But does all of this mean that people should not go down the auction route at the moment?

"Houses are selling, and offers are being received within 10 days of the auctions themselves, " says Bewley. "But the volume in the market needs to come down, and that will probably solve the current problems . . . all will probably be revealed in January."