Why does React Naitve ios relase config build fails with babel error?

I am using react native ios App with rn version 0.56.0, and the build in debug mode works just fine. But my release build is failing with the following error.

Babel 7.0.0-beta.56 has dropped support for the 'helpersNamespace' 
utility.If you are using @babel/plugin-external-helpers you will need to 
use a newer version than the one you currently have installed. If you have 
your own implementation, you'll want to explore using 'helperGenerator' 
alongside 'file.availableHelper()'.

my package.json file contents (dev dependencies)

"devDependencies": {
    "@babel/core": "^7.0.0",
    "@babel/plugin-external-helpers": "^7.2.0",
    "@babel/polyfill": "^7.0.0",
    "@babel/preset-env": "^7.0.0",
    "@babel/preset-flow": "^7.0.0",
    "@jonny/react-native-mock": "^0.4.1",
    "ava": "^0.24.0",
    "babel-eslint": "^9.0.0",
    "babel-plugin-module-resolver": "^3.1.1",
    "babel-preset-react-native": "5.0.0",
    "enzyme": "^3.3.0",
    "enzyme-adapter-react-16": "^1.1.1",
    "eslint": "^4.19.1",
    "eslint-config-airbnb": "^16.1.0",
    "eslint-import-resolver-babel-module": "5.0.1",
    "eslint-plugin-import": "^2.11.0",
    "eslint-plugin-jsx-a11y": "^6.0.3",
    "eslint-plugin-react": "7.7.0",
    "eslint-plugin-react-native": "^3.2.1",

Please help