Joe O'Toole (Independent)

I have raised before the question of a debate, inquiry or discussion on the auctioneering process in recent times. That matter has also been raised by my colleague, Senator Ross, on a number of occasions.

I raise the matter again because a new war has broken out over the past three weeks. Stockbrokers and those involved in the equity market are telling us house prices will soon go through the floor and auctioneers and agents are telling us prices will continue to increase. In the middle of this are young people who are struggling to get together enough money for a deposit on a house. They are being confused and misled and are being given wrong information. There are many casualties in this war among fund managers, equity managers, stockbrokers and auctioneers.

Last week, Senator Tuffy sought further explanation of the Taoiseach's proposal for a constitutional amendment regarding the price of land and its ownership. That is a reasonable request. If what I understand the Taoiseach to mean is correct, then I fully support what he had to say. Most of the development lands in profitable areas are owned by five or six people. If they do not own them, they have options on them. People are being used as playthings. The market is being corrupted and perverted by certain amounts of land being released for development and housing on that land being released on to the market. That are ways of dealing with this matter. The new national agreement, Sustaining Progress, contains a proposal in this regard the matter which could, perhaps, be discussed when we come to that debate. We need to take another look at this issue.