Separate reports show that asking prices for residential properties are continuing to fall. The decreases are sharper in Dublin than in other parts of the country.
Property website Daft.ie says that at the end of June, prices in Dublin were 51% below mid-2007 levels, and that in the first six months of the year prices continued to fall quite sharply across the country.
Myhome.ie's report puts the fall in Dublin at 47%, and says that the price of new homes is now back at 2001 levels.
Both reports put the fall from peak nationally at between 40% and 47%, with Daft.ie estimating that the average asking price for a house in June was €196,000.
Myhome.ie says that any recovery in the housing market depends on a range of economic issues including employment growth.
Its report says that consumer uncertainty is discouraging buyers from availing of the greater affordability which now exists in the housing market.
According to Daft.ie, asking prices around the country fell by an average of 5.1% during the second quarter of 2011, with a 5.7% fall in Dublin. Cork, Galway and Limerick cities, also experienced similar drops in prices, falling between 5% and 6% over the same period, while Waterford city saw falls of almost 9% on average.
Daft.ie economist Ronan Lyons said the second quarter saw one of the sharpest falls in prices since they started falling four years ago.
'With successful auctions of distressed properties at 60% or more below peak levels, the sharp fall may actually reflect increased realism on the part of sellers,' he said.
