The average three bed semi-detached house nationally has risen by 3.1% to €221,843 since June, the REA Average House Price Survey for the third quarter has found.
The REA Average House Price Survey concentrates on the up-to-date actual sale price of Ireland's typical stock home, the three-bed semi.
Overall, the average house price across the country has risen by 11.2% over the past 12 months, this is just under twice the 6% increase registered to the full year to September last year.
The survey reveals that the average three-bed semi-detached home in Dublin has jumped in value by €17,000 in the three months to the end of September. Such a house now costs an average of €431,500.
The 4.1% rise over the last quarter means that prices in Dublin have increased by 15.6% over the past year, with properties selling in an average of four weeks after hitting the market.
"Supply is the main driver of these continuing price rises with our agents reporting that the volume of listings is down around the country," said REA spokesperson Healy Hynes.
"In what is becoming a vicious circle, families looking to trade up are not seeing the larger homes becoming available while empty nesters looking to downsize do not have a ready supply of smaller homes emerging on the market," he said.
"To complete the equation, first-time buyers are not seeing the three-bed semis coming through in sufficient numbers," he added.
Today's survey also showed that the commuter counties continued to rebound after a relatively static 2016 and saw an increase of 2.7% this quarter, with the average house now selling for €229,300.
It noted that the commuter flight has once again spread as far as Laois where a €10,000 increase in average prices over the past three months has been noted as buyers leave Dublin and Kildare as they look for suitable housing at the right price.
The country's smaller rural towns situated outside of Dublin, the commuter belt and the major cities out-performed the national index with prices rising by an average of 2.8% over the quarter to €142,867.
House prices in Longford have risen by 32% in the past year - but the county still has the cheapest semi-detached houses in the country at an average of €90,000, up from €68,000 in September 2016.
Longford, Leitrim (€97,000) and Donegal (€93,750) are the three counties where properties can be still be purchased for a five-figure sum.
