The price of second-hand houses in Dublin rose by 17 per cent in the first six months of this year, according to the latest Douglas Newman Good House Price Gauge.
The report said second-hand house prices in the capital rose by 7.4 per cent between April and June.
Douglas Newman Good said although house price inflation continues to run at unsustainable levels in the Dublin market, the rate of increase did ease back from the record level of 10 per cent during the first three months of the year.
But it said annual the rate of house price inflation in the Dublin second hand market has reached 27.8 per cent, a rate of increase not seen in the market in the last ten years
The report found that the lowest rate of increase during the first three months of the year came at entry level of the market with 5.3 per cent growth in prices for property valued at less than €350,000.
It said the upper end of the market remains the strongest sector with an average increase of 8.6 per cent for properties worth €700,000 and above.
The report comes in the wake of a study by the Irish Auctioneers and Valuers Institute that claimed the property market in Ireland was finally beginning to cool.
The institute said it was beginning to observe a drop in prices in some areas for first time in a decade. But it predicted there was no prospect of a crash, saying all the evidence pointed to a "soft landing".
Labour Party environment spokesman Eamon Gilmore said that while these mixed messages from market continue to emerge, the Government was content to sit back and do nothing for those who cannot afford their own home.
"Whether or not there is a slowdown will have to be seen. But for the moment these mixed messages from various sectors of the industry will sow further confusion as to the state of the property market," he said.
"Despite the fact that more and more young couples and hardworking families are being forced out of their local communities into the expanding commuter belt, Fianna Fáil and the Progressive Democrats refuse to intervene in the property market," he said.