The latest report from property website Daft.ie suggests a significant turnaround in property prices outside Dublin.
The website's analysis of trends shows homes outside the capital have increased in price by 13% over the past year.
The report shows that inflation in Dublin house prices has fallen from 24.5% to 2.4%.
Daft says new Central Bank rules have tied house prices to income, which have prevented the possibility of another credit-fueled bubble, but warned against "election kite-flying" and suggestions of watering down those rules.
Prices in urban areas of Cork, Galway and Limerick are rising at a rate of almost 20% a year.
Three bed semi-detached houses have seen double-digit price growth in almost every county outside Dublin
In the same time period prices in some of Dublin's most desirable postal districts - Dublin 6, 14 and 18 - asking prices now are lower than a year previously.
The report shows that nationally the average asking price reached its lowest point in Q3 of 2013 and has risen by €38,000 since then.
The lowest point in Dublin was seen in 2012 Q2 and prices have risen by an average of 41% or €90,000 since then.
The report also shows that there are a greater number of properties available to buy in the Dublin market compared to a year ago and the average transaction price is just 0.8% above its original asking price, compared to 7% in 2014.
Outside Dublin, almost all parts of Leinster saw significant increases in average prices of 2% to 4% between June and September.
This trend is also seen in Munster with strong gains in prices. However, this region has seen a drop in the stock of available properties, down from 10,400 in 2014 to 8,500 on the market on 1 October.
Prices in Galway city jumped by over 7%, but the stock of properties also continues to fall in the market in Connacht.
Ronan Lyons from Daft.ie said that the Central Bank rules were having the required impact.
He said prices in Dublin were rising by 20-25% a year ago, but now they are basically static and even falling in some postcodes, which is being driven by the Central Bank rules, which have "taken the heat right out of the housing market in the capital".
Speaking on RTÉ's Morning Ireland, Mr Lyons said the economic recovery has been slower outside of the capital but the effects are beginning to be seen and this is being reflected in the housing market.