Residential property prices rose 10.8% year-on-year in September, rising quicker outside Dublin (+11.9%) than in the capital (+9.4%), the latest figures from the Central Statistics Office (CSO) show.
The annual rate of inflation in property prices nationally has now declined for each of the past six months, dipping from 11.9% in August, even while prices have been equal to or exceeded pre-crash highs since June. The September figure represents a 14-month low.
Nationally, property prices are now 2.6% higher than during the boom in April 2007, but in Dublin, prices are still 5.6% off their February 2007 peak, and in the rest of Ireland, they are 1.2% above their May 2007 high.
Prices have risen 128.8% nationally from their early 2013 low point, 133.9% in Dublin from their February 2012 nadir, and 132.8% in the rest of Ireland from their May 2013 trough.
The 4,583 dwelling purchases filed with the Revenue Commissioners that month represented a 6.5% increase compared to September 2021 (4,304), and the median price of a residential property purchased was €299,500.
In Association with
Existing homes accounted for 3,765 or 82.2% of purchases, and new homes made up 818 (17.8%) transactions, an increase of 35.5% year-on-year. The total value of transactions filed in September was €1.7bn.
The lowest median price paid for a home was €148,500 in Longford and the highest was €615,000 in Dún Laoghaire-Rathdown, while the most expensive Eircode over the 12 months to September was Blackrock (€725,000) and the cheapest was Ballyhaunis (€125,000).
"Residential property prices rose by 10.8% in the last 12 months, down from 11.9% in the year to August 2022. In Dublin, residential property prices saw an increase of 9.4%, while property prices outside Dublin were 11.9% higher than a year earlier," said Viacheslav Voronovich, statistician in the prices division at the CSO.
"In Dublin, house prices increased by 9.8% and apartment prices were up by 7.5%. The highest house price growth in Dublin was in South Dublin at 11%, while Dublin City saw a rise of 9.2%.
"Outside Dublin, house prices were up by 12.1% and apartment prices rose by 9.7%. The region outside of Dublin that saw the largest rise in house prices was the West (Galway, Mayo, Roscommon) at 16.9%, while at the other end of the scale, the South-West (Cork, Kerry) saw a 9.5% rise."
The price of new residential dwellings rose 9.1% compared to Q3 2021, up from 7.9% year-on-year in Q2. Prices of existing dwellings, meanwhile, rose 12.7% from Q3 last year compared to a 16.2% annual increase in Q2.
Overall, prices of new dwellings have risen by 93.3% from their trough in the middle of 2013. Prices of existing dwellings are now 131.9% higher than at their trough in 2012.
First-time buyers accounted for 16,241 or 32.7% dwelling purchases in the 12 months to September, compared to 26,661 or 53.7% for former owner-occupier, and 6,772 or 13.2% for non-occupiers.
(Pic: Getty Images)
