Residential property prices have increased by 12% between last June and this June.
According to the CSO, Dublin saw an increase of 9% while prices in the rest of the country jumped by 15.2%.
— Central Statistics Office Ireland (@CSOIreland) August 14, 2018
Nationally, prices are still 19.5% lower than their previous peak in 2007 but have increased by almost 80% from their low of 2013.
The average market price paid by households for a dwelling was €282,631, with the average price in Dublin reaching €438,935.
The least expensive county was Co. Longford, with an average price of €104,153.
Joey Sheahan, Head of Credit at www.mymortgages.ie, said the latest CAO figures could be good news for mortgage switchers.
"Mortgage holders should take note of the property price figures released today, because they impact the Loan-to-Value (LTV) ratio on their current mortgage – which in turn impacts the various rates each lender will offer them if they switch their mortgage," he said.
"There has been a 12% average property price increase over the last 12 months – but these increases have been much more pronounced in certain areas – particularly outside Dublin where the national average was a 15.2% increase, or in Mid-West region which showed the greatest price growth of 22.3%.
"Mortgage holders in these areas in particular should find out what their current LTV is – by calling their lender to see how much is outstanding on their loan using this figure in conjunction with the current value of their house.
"And those with an LTV < 80% are in an even better position to negotiate a good switcher rate with a lender.
"An example of the savings that are on offer can be seen in the case of a homeowner with a 30-year term mortgage of €350,000, and LTV of < 90% - they could typically be paying a Standard Variable Rate (SVR) of 4.2%, which means their monthly payments stand at €1,711.
"If they find that they are now below the 90% LTV threshold then, subject to certain conditions, they may well be able to secure a much cheaper SVR with another lender at 2.6% - reducing their monthly repayments to €1,401."