Residential property prices in the Dublin market have stabilised, according to the latest House Price Gauge from estate agents DNG.

The report concludes that in the last three months, the average price of a house in the capital increased by 0.6%.

DNG's reports also captured house price increases in Dublin in the previous two quarters.

A similar picture emerged in the apartment market where a small increase in values of 0.3% was recorded in the third quarter, according to DNG.

In the year to September, apartment prices were down by a marginal 0.1%.

The official property price figures from the Central Statistics Office showed prices in the Dublin market declining by 1.4% in the year to July, continuing a trend that has been in place for several months.

However, on a monthly basis, prices in the Dublin market have increased for two successive months - by 0.4% and 0.2% respectively in June and July - according to the CSO figures.

DNG's monitor captures a 0.4% increase in Dublin house prices in the year to September.

"The latest results show that since the market low point in 2012, the average price of a home in the capital has more than doubled, rising by 117% however prices still remain below their historical high seen in 2006," the report concluded.

"The average price of a home in the capital now stands at €525,822 - virtually unchanged from a year ago."

The monitor captures robust demand among first-time buyers in the three months to September, but there was a slight fall in activity among those trading up compared to the first three months of the year.

DNG's Director of Research Paul Murgatroyd attributed that development to the higher interest rate environment.

"First time buyers continue to be very active in the second hand market, with demand bolstered by the loosening of the macroprudential lending rules applicable to this cohort of buyers earlier this year," he said

"This has served to offset some of the negative impact of recent rate rises," he added.

"The shortage of supply in the second hand market, combined with robust demand, particularly from first time buyers, continues to underpin prices in the Dublin market and it is welcome news for buyers that prices have stabilised over the course of the last year," DNG CEO Keith Lowe said

"The new homes market has proved especially strong this year as buyers take advantage of the Help To Buy & First Home schemes," he concluded.

Meanwhile, new research from Sherry Fitzgerald has found that that the average value of second-hand homes here rose by 1.2% in the third quarter of the year.

Values increased by 3.2% in the first nine months of the year, compared to growth of 5.5% in the same time period last year.

In the capital prices rose 0.5% in the three months between July and September, bringing cumulative price growth in the year to the end of September to 1.8%, significantly less than the 5.2% growth recorded during the same time period last year.

Outside Dublin tighter stock levels in regional and rural areas meant price growth continued to be strong, with values rising 1.1% in the quarter.