House prices up 50% since market bottomed out

House prices have increased by more than half since they bottomed out in early 2013, according to new figures from the Central Statistics Office (CSO).

The CSO’s Residential Property Price Index for March 2017 show that prices rose nationally by 9.6% in the 12 months up to last March, and by 50.4% since their lowest point in 2013.

Despite this, prices remain significantly lower than at their peak — down 31.5% since the highest level reached in 2007. Dublin residential property prices are 31.5% lower than their February 2007 peak, while prices in the rest of the country are 36.4% lower than when they were at their highest in May 2007.

Dublin property prices increased by 8.2% in the year to March. House prices in the capital increased 8%, while apartments increased 9.6% in the same period.

The highest house price growth in the Dublin area was in the city, at 10.7%, with the lowest growth taking place in Fingal, where house prices rose just 2.2%.

Residential property prices in the rest of the country were 11.8% higher in the 12 months to March.

House prices in the rest of Ireland went up 11.3% over the period, while apartment prices rose 16.4% in the year to March.

The South-East region showed the greatest price growth, with house prices increasing 15.5%, compared to the Mid-East region which showed the least price growth for houses at 9.2%. The average property price across the country is €246,948. However, the average price paid for a dwelling in Dublin was €400,489.

Dún Laoghaire-Rathdown was the most expensive area within Dublin, with an average price of €561,203 over the 12 month period, while the South Dublin administrative area was the least expensive, with an average price of €314,932.

Outside of the capital, the next most expensive region was the Mid-East, where the average price paid by households was €246,556. Co Wicklow was most expensive within this area, with an average price of €316,269.

The least expensive region for household purchases over the last 12 months was the Border region, with an average price of €116,226. although the least expensive county was Longford with an average price of €87,989.

There were 37,623 household market property purchases filed with the Revenue Commissioners in the 12 months to March 2017.

The CSO also provided figures on the type of buyers who are purchasing property.

Of these, 9,582 (25.5%) were first-time owner-occupier buyers; 19,462 (51.7%) were purchases by former owner-occupiers; and 8,579 (22.8%) were bought by non-occupiers.

The most expensive Eircode area for property purchased was Dublin 6, with an average price of €726,508.