Residential property prices rose 12.4% in the year to September, according to the latest figures from the Central Bureau of Statistics.
Prices continued to rise at a faster rate outside Dublin, at 13.2%, compared to 11.5% in the Dublin area.
Today’s CSO figures show that in Dublin, homes increased by 14.1% in Dublin City while in Fingal it increased by 8.6%.
Prices rose faster outside Dublin in the border region, at 21.9%. But even in the slower growing region – the Middle East – prices rose by 10.7%.
Nationally, prices are now 7.4% below their 2007 peak. Prices are up 106.5% from their post-crash low in 2013.
When splitting between new and existing housing, the pace of increases in existing home prices nearly doubled from the second quarter of this year to the third.
The Central Statistics Office said the annual rate of increase rose from 6.1% between March and June to 13% between July and September. The proportion of new homes increased from 2.2% to 3.3% during the same two quarters.
Existing home prices fell 1.6% in the third quarter of 2020.
Today’s numbers also show that transaction volume in September increased by 14.3% in August and by 34.8% compared to September 2020.
Existing homes accounted for 86% of transactions, an increase of 43.2% over the year while new homes accounted for 14%, more or less an apartment compared to last year.
The average price paid for a property nationwide, or point average, was 272 thousand euros. In the Dublin region, this was 400,000 euros.
Within the Dublin area, the average highest price was €570,000 at Dun Laoghaire Rathdown and the lowest was €368,500 in South Dublin.
Outside Dublin, the highest median price was €375,000 in Wicklow and the lowest was €125,000 in Leitrim.
Today’s ESO figures show Eircode with the highest average price of €672,500 still an A94 Blackrock. The five most expensive electronic codes found in Dublin.
Outside of Dublin, the highest average Aircode also remains A63 Greystones at €495,000.
The lowest priced Eircode outside of Dublin was the H23 Clones at €80,000.
Ireland has failed to meet housing demand every year since the property crash more than a decade ago, although supply has begun to recover after the Covid-19 shutdown.
Overall, prices are only 7.4% lower than the credit-fueled 2007 peak.
Highlighting the recent momentum in growth, Goodbody Stock Brokers said residential property prices grew at an annualized pace of 25% in the three months through September, the fastest pace of growth in seven years.
Stockbrokers pointed out that all regions contributed to the acceleration of housing prices in recent months.
He also said the flea market is driving fees higher, with prices growing 13% year-over-year in the third quarter, compared to just 3.3% for new homes.
“In the context of the cost increases we are now seeing in the construction sector in Ireland, the 3.3% rise in new home prices appears relatively low and is likely to mean a weaker margin for the construction sector overall,” said Goodbody Chief Economist Dermot O’Leary. .
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