Are we entering a new era of the property market in Ireland?

The public and the media reactions are interesting.

When the market is going up, everybody is saying "what are we going to do about it?" and, as soon as the thing starts to slow down, everything is doom and gloom. We are currently having to deal with different market conditions, but we have members who have been around for 30 years and more, and they have seen these different sorts of conditions before.

So do you still have confidence in the market?

The fundamentals of the Irish economy are perfectly sound.

We had a net creation of about 80,000 jobs last year, and, as long as growth like this is sustainable, with increasing employment, we will have a sustainable market. I don't understand all the negative publicity . . . for example, the stock markets frequently fluctuate up and down by as much as 10% or 15%, and people expect that. But when the property market fluctuates, people expect a crash.

Do auctioneers and estate agents have a responsibility to try to inform public sentiment?

Estate agents are dedicated professionals within the property industry. Our job is to look after the interests of our clients, but, as professionals, we have a role in advising the people that we are dealing with about market conditions.

And do you still see growth in the domestic market?

The Institute is on record as saying that we think that the residential market will grow in single digit figures this year.

But there are certain areas of the Dublin residential market that will continue to do very well.

What are the greatest barriers to growth?

The government has just turned its back on the stamp duty issue. In the suburbs of Dublin, there are ordinary three and four bedroom houses which are costing 1m. That is stamp duty of 90,000, and it is stopping the market from performing. Stamp duty is a cash cow for the government, and it was never meant to exist at this level.

Every house that you see is being extended and added to, and why shouldn't the owners do this? Why should they pack up and leave, only to have to pay over 100,000 in stamp duty for a family home. Stamp duty, in itself, is causing prices to rise in the market, because there is not enough movement . . .

and the government needs to do something about it. In fact, it is a disgrace that the government has been allowed to get away with it for so long.