Official figures show that the price of a home in Dublin rose for the second month in a row while the property prices nationally fell 1.1% from last month.

The Central Statistics Office reports that the price of both apartments and house in Dublin increased for a second month in a row for the first time since February 2007.

Property prices as a whole fell 16.4% in the year to April.

Today, the CSO published the Residential Property Price Index April 2012 which measures the change in the average level of prices paid for residential properties sold in Ireland.

A two-speed market is becoming apparent according to Juliet Tennent an economist with Goodbody Stockbrokers.

"For the first since February 2007, both Dublin houses and Dublin apartments saw a second consecutive increase in prices, rising 0.2% and 2.6% respectively. Outside the capital prices continued to fall." she said.

Despite the increase in the last two months Dublin has experienced the most significant falls from the market's peak.

The average prices of a house or apartment in Dublin is down 57% from the peak, while apartments on their own have fallen 60% from their 2007 high.

The price of a home outside Dublin fell by 2.0% in April compared with a decline of 1.3% in April last year. Prices fell 1.1% between March and April, while they were 16.1% lower than April 2011.

Prices were 16.1% lower than in April 2011.

Stabilisation of Dublin market: CSO

The CSO says the latest property price index shows tentative signs of a stabilisation of the Dublin market. Prices the capital rose by 0.7% in March and 0.5% in April.

However, the cost of buying a home outside the capital continues to fall.

Stockbroking company Davy estimates the national peak to trough crash will be 65% to 70%. So far prices have fallen by 50% nationally according to the CSO but economists say the figures lag the reality on the ground.

Lack of confidence and available credit say analysts

Alan McQuaid, Chief Economist with Bloxham stockbrokers says that Irish consumers will want to see the housing market stabilising before they feel confident about the economy overall.

"Although the March/April data for Dublin are a step in the right direction we don't anticipate any significant improvement in the overall country-wide housing market until the employment situation gets better and we see a return to some sort of 'normal' credit lending from the banks, which still seems a long way off," he said.

House prices in Dublin are 55% lower than at their highest level in early 2007.

Apartments in Dublin are 60% lower than they were in February 2007.

Residential property prices in Dublin are 57% lower than at their highest level in February 2007.

The fall in the price of residential properties in the rest of Ireland is somewhat lower at 47%.

Overall, the national index is 50% lower than its highest level in 2007.

The RPPI is compiled using data on mortgage drawdowns and does not include properties that are purchased by cash. It is transactions based which means that prices are recorded only where a sale occurs.