Asking prices for houses are continuing to fall with Dublin's dropping by more than half since 2007. But home-owners outside the capital are not dropping as much
Property website Daft.ie says prices in Dublin are down 51% since the peak in 2007 and that in the first six months of the year prices continued to fall quite sharply across the country.
A second report by website myhome.ie put the fall in Dublin at 47%, and says that the price of new homes is now back at 2001 levels.
The report however shows lower falls than the latest house price index issued by estate agents Sherry Fitzgerald which says house prices have fallen in real terms by 60.2% in Dublin and 55.2% in the rest of the country.
Myhome and Daft 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.