Leinster is unique in many ways. In counties Kildare, Wicklow and Meath it is being encroached upon by an expanding Dublin. Containing 10 counties and the lion's share of the Republic's population, the province also borders on Connacht and Munster, even touching on the fringes of Northern Ireland. A wide spread and diverse geographical area, these factors are reflected in the region's property market according to Jimmy McEvoy, manager of Colin McEvoy Auctioneers office in Newbridge, Co Kildare. "Taking a semi-detached three-bed house as the standard measure, it is possible to see the gradient in property values in the province," he says.

"While this house may cost £120,000 in Athy, Portlaoise or Portalington, this same property costs between £120/130,000 in Monasterevan and moving up to Kildare town the price range increases to £130/140,000. "Further up the county still and closer to Dublin the same house rises to £150,000 in Newbridge and Kilcullen and more than £170,000 in Naas."

Servicing Kildare, west Dublin, east Wicklow and the adjoining areas of Laois, Offaly and Meath, McEvoys operate in those areas which have seen the greatest demand and rise in house prices. But outlying parts of Leinster are starting to catch up in these stakes. "Towns like Athy, Portlaoise, Portalington and Monasterevan have been identified as future growth areas by the Minister for the Environment.

"Improvements in rail and road networks and other infrastructural developments are helping these towns to accommodate new growth as bigger urban centres closer to Dublin continue to grow. The house-building and buying frenzy of recent years is being replaced by a calmer approach.

"Developers aren't as active in acquiring greenfield sites as they have been in the last number of years. Just 12 months ago builders were overselling units. At a launch a developer might have sold 40-60 per cent of his units within a development in a very short period of time. And within a month he might be selling units in a second development.

"Currently, however, they might sell 15-25 per cent of their stock in the same time frame and are less likely to look for other sites to launch new developments. The days of people sleeping overnight in a queue to book a house are gone."

While homeowners have seen the value of their properties hold steady and unlikely to suffer any dramatic changes, there is one sector where a balance has not been achieved. "The supply of rented accommodation is being massively outstripped by demand," he says. "Investors are not getting involved to the same extent that they were, because it is a liability from a tax point of view. Incentives such as interest relief need to be made available to investors."