House prices post first month-on-month growth this year – CSO

August 18, 2023

Residential property prices recorded their first monthly increase this year in June, growing by 0.6% compared to May, new figures from the Central Statistics Office show.

But annual residential property price inflation slowed again to 2.2% in June from 2.6% in May, the CSO added.

Property prices in Dublin were 0.9% lower on an annual basis in June after falling year on year for the first time since the Covid pandemic a month earlier.

The CSO said that in the 12 months to June, house prices in Dublin fell by 1.1% and apartment prices were down by 0.2%.

It noted the highest house price growth in Dublin was in South Dublin at 2.8%, while Dublin City saw a decline of 3.8%.

Property prices outside of Dublin increased by 4.5% in the year to June. House prices outside of Dublin were up by 4.7% and apartment prices rose by 2.3%.

The region outside of Dublin that saw the largest rise in house prices was the South-East (Carlow, Kilkenny, Waterford, Wexford) at 5.5%.

At the other end of the scale, the Border region (Cavan, Donegal, Leitrim, Monaghan, Sligo) saw a 3% rise.

Today’s figures show that people paid a median price of €318,000 for a home in the 12 months to June.

The lowest median price paid for a home stood at €160,000 in Leitrim and Longford, while the highest was €630,000 in Dún Laoghaire-Rathdown.

The most expensive Eircode area over the last year was A94 ‘Blackrock’ with a median price of €735,000, while F35 ‘Ballyhaunis’ had the least expensive price of €127,500, the CSO said.

The CSO figures also show that a total of 4,025 home purchases were filed with the Revenue Commissioners in June, down by 1.7% when compared with the 4,094 purchases the same time last year.

The CSO said that property prices nationally have increased by 127.5% from their trough in early 2013.

It added that Dublin residential property prices have risen by 124.9% from their February 2012 low, while prices in the Rest of Ireland are 137.6% higher than at their trough in May 2013.

Meanwhile, the price of new homes in the second quarter of 2023 were 11% higher than the same quarter of 2022.

The CSO said this was the same as the year to the first quarter of this year while it marked an increase of 7.9% in the four quarters to the second quarter of 2022.

And prices for existing homes in the second quarter of 2023 were 0.6% higher than in corresponding quarter of 2022, compared with an increase of 3.6% in the year to the first quarter and an increase of 16.2% in the four quarters to the second quarter of 2022.

Article Source: House prices post first month-on-month growth this year – CSO – Author- RTE

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