Average house prices in Northern Ireland have rocketed past £180,000, with values rising by a third in the last year, according to a survey published today.
The boom in the market has seen property values surge past Scotland, Wales and the north of England.
Less than 10 per cent of houses now sell for under £100,000 as demand continues to fuel the unprecedented surge.
Lisburn, Co Antrim, experienced the most staggering increase, with terraced townhouses soaring by 65 per cent over 12 months.
Experts involved in the University of Ulster's latest quarterly house price index, produced with Bank of Ireland and the Housing Executive, said they were in unchartered territory.
Co-author Professor Stanley McGreal said: "The rate of annual increase at over 30 per cent has pushed the local housing market to new dimensions which could not have been predicted.
"The big questions are whether this is a spike, how long can such rates of increase continue and what are the long-term implications for the housing market."
Investors played a major role as prices rose by 11.9 per cent between July and September and 32.1 per cent on the year, the study showed.
It examined nearly 2,300 transactions involving more than 100 estate agents across all areas.