What is certain is that buyers are holding all the aces, they have become more savvy, more demanding, and more fussy than they could ever have dreamed of.

"A year and a half ago, a buyer viewing a property that ticked most of the boxes, but perhaps needed a wall moved, a new bathroom, or even an extension built, would have gone ahead and bought, " says agent Felicity Fox. "Now, buyers want all of the boxes ticked."

Many of those potential buyers have discovered to their delight that they can make offers in desired areas previously beyond their budget, and for well below the asking price.

They can compare like with like on the same road, take their time, and really get a feel for an area.

Selling agents are getting much more of a grilling in this cooler market, with viewers demanding to know what other properties on the same road have fetched. But according to Bernie Chubb of Mason Estates Drimnagh office, buyers should be wary of viewing too many properties.

"A woman said to me last week that she hoped to view four houses a night. With that many, you eventually end up with a very muddled image in your head. And people have become way too fussy . . . which, considering there is so much choice out there . . . is crazy. There has to be a property to suit. People have to get real."

So, where are the best places to buy? John O'Sullivan, director of Lisney, says when the company researched as to where their new office should open, they honed in on Sandyford. "We're witnessing a lot of growth in an area which had traditionally been industrial, but is now mixed. Adjoining addresses such as Stepaside and Kilternan, formerly green fields, are also developing significantly and so the area has become like a small town."

Cash buyers are always in a good negotiating position, particularly now, and O'Sullivan says there is reasonable value in apartments because there are lots for sale and rents are up by 20%.

First-time buyers are obviously in a strong position too and those formerly renting can see the benefit in buying now. Under the rent-a-room scheme, mortgage repayments average out at 200 cheaper per month than rent, and with mortgage interest relief expected to be increased again in the next budget, buying will make even more sense, says Geoff Tucker, economist with Hooke & MacDonald.

"Abolishing stamp duty has given more choice to first time buyers, although two-thirds still opt for new homes. Of those who are buying on their own, 37% avail of the 635 monthly tax-free rent a room scheme."

For the nostalgic seeker after a period 'doer-upper' in need of full renovation, there may be more opportunity than previously . . . the canny builders who snapped up run-down redbricks only came into the market when there was an assumption of 10 -15% growth.

That's no longer there, so those with good DIY skills trading-up may net a bargain.

The northside of the city, formerly deemed unfashionable, is primed to go up a style notch with major investment and the proposed Metro, according to Martin Doyle of Sherry FitzGerald's Drumcondra office.

"Of the five proposed Metro routes to be decided on shortly, there will certainly be a stop at Griffith Avenue and DCU which means that buying anywhere along that line will be a sure-fire investment.

There is good value in period properties that may only need a smarten-up in terms of redecorating. Phibsborough is also an area to watch. With the imminent redevelopment of the jail and Dalymount Park . . . it could eventually become a mirror of fashionable Dublin 6."

All agents stress that 'oversupply' is a misnomer, and while it may be a case of 'they would say that, wouldn't they?', there are signs that properties lingering on the market for the last six months are finally starting to shift, albeit for less than the asking price.

"The volume of properties is well down compared to this time last year and we don't have a huge number of new instructions for autumn, " says Lisney's John O'Sullivan.

What is holding many buyers back is the fact that they in turn have to sell their own property . . . and vendors will not sell subject to their buyer's own sale. "Bridging finance . . .the dreaded costly answer in the late '80s/early '90s . . . is not dead and gone, but some buyers may now consider it as a short term measure if interest rates remain unchanged, " adds O'Sullivan. The cards are all in buyers' hands for now . . . but nothing is a constant in this market.