Property prices rise 12.3% so far in 2017

Residential property prices rose by 12.3% nationally in the year to July, according to the latest figures from the Central Statistics Office.

The CSO’s Residential Property Price Index shows that prices in Dublin rose by 12.7% in the year to July, compared to an 11.7% increase over the same period in the rest of the country.

The A96 ‘Glenageary’ area was the postcode with the highest median price for residential property at €638,000, followed by A94 ‘Blackrock’, where the median price was €571,250.

The third most expensive was D6 ‘Dublin 6’, where the median price was €525,000.

The 10 most expensive Eircode areas by median price were in Dublin. The most expensive outside the capital was A63 ‘Greystones’ in Wicklow, with a median price of €360,000.

There was a significant difference between the median prices recorded in the north and southside of Cork City, with the €170,000 median price in the north coming in lower than the €253,750 median in the south.

However, T34 ‘Carrignavar’ and T36 ‘Watergrasshill’ had higher median prices than both, at €330,000 and €315,500, respectively.

The least expensive Eircode area in Ireland over the last 12 months was H23 ‘Clones’, with a median price of €49,000, ahead of F45 ‘Castlerea’ where the median price was €63,500.

The CSO said it has shifted its focus from mean or average house prices towards median prices in the index.

“Median price is a more appropriate measure of central tendency or what the typical buyer pays than mean price, as the latter is often skewed by exceptional high value properties,” said Gregg Patrick, lead statistician for residential property price statistics.

There was also an increase in the number of houses sold in July 2017, both year on year and compared to the previous month.

In July there were 3,878 household market residential dwelling purchases filed with the Revenue Commissioners, a 12.3% increase compared to July 2016, when 3,454 purchases were filed, and an increase of 12.7% compared to June 2017, when 3,441 purchases were filed.

The total value of the market, based on transactions filed in July, was €1.07bn.

There were differences in the increases recorded in house prices compared to apartments. Dublin house prices increased 12.6% compared to 12% for apartments in the same period.

House prices in the rest of Ireland increased by 11.8% over the period, compared to 13.7% for apartments.

Prices have increased significantly (60.5%) since their low point in early 2013. Since then, Dublin residential property prices have risen by 77.4% while residential property prices in the rest of the country are up 51.2%.

Despite this, prices nationally are still 28.1% lower than their highest level at the peak of the Celtic Tiger in 2007.

Property prices in the capital are 28.4% lower than their February 2007 peak. Residential property prices in the rest of the country are 34.3% lower than their highest point of May 2007.

The CSO’s latest data comes as a survey has found that 86% of the public believe that house prices are rising too quickly.

The poll of 1,000 adults by Accuracy Market Research found that almost two-thirds (64%) of all adults believe we are in the middle of a housing bubble.

The survey also found that nearly half of all Irish adults (47%) are concerned that house prices will crash.

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