Annual house price growth as measured by the Central Statistics Office's Residential Property Price Index slowed for fourth successive month in December 2022.
The annual rise in the index was 7.8%, down from 8.5% in November, 9.6% in October and 10.7% in September 2022.
The monthly increase in the index had slowed to 0.2% last October and November but firmed again to 0.3% in December.
Through 2022, average property prices rose 6% in Dublin and 9.3% outside of Dublin, according to the index.
In the capital, houses prices increased 6.1% and apartment prices were up 5.4%, and in the rest of the country house prices rose 9.6% and apartment prices went up 5.4% from January to December 2022.
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The largest annual growth in house prices in Dublin was in south Dublin (11%), while the western region (Galway, Mayo and Roscommon) saw growth of 14.9%. The south-east had the slowest annual growth at 6.7%.
The price of new homes rose 10% in the fourth quarter from Q4 2021, up from 9.1% in Q3, while the price of existing homes rose 8.3% year-on-year, down from 12.6% in Q3 and 16.5% in Q4 2021.
The median price for a home purchased in the 12 months to December was €305,000, rising to €625,000 in Dún Laoghaire-Rathdown and dropping as low as €152,000 in Longford.
The most expensive Eircode areas over the 12 months to December 2022 were A41 (Ballyboughal) and A94 (Blackrock), both with a median price of €750,000, while F35 (Ballyhaunis) was the least expensive at €126,000.
“While the growth in house price inflation has slowed, prices are still increasing with demand for both new and second-hand homes holding up surprisingly well," said Trevor Grant, chairman of the Association of Irish Mortgage Advisors.
"The volume of new homes completed exceeded expectations in 2022 but they are still not keeping pace with the demand, never mind making up for the lack of completions in previous years.
"We’re now looking at a potential slowdown in the volume of new home construction in 2023, so it’s difficult to see how the growth in house prices could reverse in the near future. Demand will continue to outstrip supply in 2023 as, even with the interest rates increases it is still cheaper for most to buy rather than to rent."
Property prices nationally have increased by 130% from their trough in early 2013.
Overall, prices of new dwellings have risen by 100% from their low in the middle of 2013. Prices of existing dwellings are now 133% higher than at their trough in 2012.
A total of 5,210 dwelling purchases were filed with the Revenue Commissioners in December, an increase of 0.8% compared to December 2021. The total value of transactions that month was €2bn.
Existing dwellings accounted for 4,068 (78%) of the dwelling purchases filed in December, an increase of 1.4% compared with December 2021. The balance of 1,145 (22%) were new dwellings, a decrease of 1.3% compared with December 2021.
(Pic: Getty Images)
