Irish house prices have returned to the heights reached during their Celtic Tiger peak, according to the latest figures from the Central Statistics Office, with dwellings nationwide showing a jump of 14% in prices.
The Property Price Index for June 2022 stood at 163.6 points, which is equal to the highest level recorded at the peak of the property boom in April 2007. However, actual property prices have not yet reached the level recorded in 2007 before the market crashed. In Dublin, residential property prices are 8.1% lower than their February 2007 peak, though outside Dublin they are now just 1.3% lower than the 2007 peak.
According to the CSO, property prices nationally have increased by 123% from their trough in early 2013.
Dublin residential property prices have risen 127.6% from their February 2012 low, while home prices in the Rest of Ireland are 127.2% higher than their May 2013 trough. Today's figures show that households paid a median price of €290,000 for a home on the residential property market in the 12 months to June.
In the year to end-June, the price of properties in Ireland overall rose 14.1%. This is slightly lower than the 14.4% yearly increase reported in May 2022 and compares to an increase of 6.8% the same time last year.
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The area in the country with highest prices was Dún Laoghaire-Rathdown, with a median price of €605,000. The lowest was Longford, with homes costing a median of €140,000. In the Dublin region, South Dublin had the lowest median price at €375,000.
The highest median prices outside Dublin were in Wicklow, clocking up €400,000, and Kildare at €350,000, while the lowest median price was €140,000 in Longford.
Outside Dublin, house prices rose 16.1% and apartment prices by 14.4%. The region with the largest rise was the Border region which includes Cavan, Donegal, Leitrim, Monaghan and Sligo at 20.1%. House prices in the Midwest (Clare, Limerick, Tipperary) increased by 11.9%.
Prices for new dwellings rose by 7.7% in the year to June, while prices for existing dwellings jumped by 16.3%. Overall, prices of new dwellings have risen by 87.8% from their trough in the middle of 2013, while prices for existing dwellings are now 125.6% higher than at their trough in 2012.
In the year to June, 48,243 dwelling purchases by households at market prices were filed with Revenue. Of these, 15,745 (32.6%) were purchased by first time buyer owner-occupiers, while former owner-occupiers purchased 25,805 (53.5%). The balance of 6,693 (13.9%) was acquired by non-occupiers.
Revenue data shows that there were 1,359 first-time buyer purchases in June 2022, an increase of 19.4% on the 1,138 recorded in June 2021. These purchases were made up of 434 new dwellings and 925 existing dwellings.
Outside Dublin the most expensive Eircode area over the last twelve months was A63 Greystones, with a median price of €505,000. The second most expensive Eircode area was A98 Bray, where the median price was €435,000. The third most expensive was P17 Kinsale, which had a median price of €400,000.
The least expensive Eircode areas were F45 Castlerea and F35 Ballyhaunis' with a median price of €120,000. The third least expensive Eircode area was H14 Belturbet, with a median price of €127,500 and in fourth place was F56 Ballymote with a median price of €130,000.
Within Dublin, the most expensive Eircode for household dwelling purchases was D04 Dublin 4, with a mean price of €933,244. The second most expensive was D06 Dublin 6, where the mean price was €842,877 and in third place was A96 Glenageary, which had a mean price of €823,051.
The least expensive Eircode area in Dublin was Dublin 10, with a mean price of €275,444.
