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Home prices equal 2007 peak for first time in June – CSO

By August 12, 2022No Comments

Residential property prices returned in June to levels not seen since the credit-fuelled peak of 2007, after rising 14.1% on an annual basis, new Central Statistics Office figures show today.

The 14.1% year-on-year growth in June was down from 14.4% in May, cooling slightly for the third successive month, the CSO said.

Today’s figures show that home prices in Dublin rose by 11.8% and prices outside Dublin up by 16% in June.

This was down from a growth rate of 14.4% in the year to May and compares to an increase of 6.8% the same time last year.

The CSO said its national Residential Property Price Index (RPPI) hit a value of 163.6 points for June, which is equal to its highest level recorded at the peak of the economic boom in April 2007.

Today’s CSO figures show that Dublin house prices increased by 11.9% and apartment prices were up by 11.2%.

It noted the highest house price growth in Dublin was seen in Dublin City at 13.8%, while Dún Laoghaire-Rathdown saw a rise of 10.1%.

Outside Dublin, house prices were up by 16.1% and apartment prices rose by 14.4%.

The region outside of Dublin that saw the largest rise in house prices was the Border at 20.1%, while at the other end of the scale the Mid-West saw a 11.9% rise.

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.

The Dublin region had the highest median price of €415,000. Within the Dublin region, Dún Laoghaire-Rathdown had the highest median price of €605,000, while South Dublin had the lowest at €375,000.

The highest median prices outside of Dublin were in Wicklow (€400,000) and Kildare (€350,000), while the lowest price was €140,000 in Longford.

In June, a total of 4,087 home purchases were filed with Revenue. This represents a 17.7% increase compared with the 3,473 purchases the same month last year and an 9.6% increase compared with the 3,730 purchases in May.

The total value of transactions filed in June was €1.5 billion, the CSO said.

Existing homes accounted for 80.9% of the purchases filed in June, an increase of 12.2% compared with June last year.

19.1% were for new dwellings, an increase of 48.7% compared with June 2021.

Article Source: Home prices equal 2007 peak for first time in June – CSO – RTE

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