A new report published today shows property prices have fallen for the first time in five years.

The figures in the Sunday Independent are based on actual sale prices achieved nationwide by members of the Institute of Professional Auctioneers and Valuers.

For the first time since 2013 house prices have finally dropped, hitting some of Dublin's most expensive suburbs as much as €150,000.

The price drops were recorded in seven of 14 Dublin areas between January and June of this year and were most dramatic in areas such as Dublin 2 and Dublin 4.

The most expensive places dropped by double digits, while postcodes such as Dublin 14 and 15 also dropped by around 10% for a four-bedroomed home.

However, a two-tier market still exists with prices in counties like Laois, Kilkenny, Wexford and Offaly still rising sharply.

Regional cities also saw increases, although at a slower rate than before.