Property prices rise by 12.5%; Glenageary most expensive area to buy a home

Residential property prices increased by 12.5% in the year to January.

Property prices rise by 12.5%; Glenageary most expensive area to buy a home

Residential property prices increased by 12.5% in the year to January.

It was the fastest pace of growth since May 2015.

According to the CSO, the West region showed the greatest price growth with house prices going up by over 17%.

In Dublin house prices increased by 11.4% with the cost of apartments up by 15%.

The average property price in 2018 is expected to be 6.7% % above that in 2017.

The CSO is shifting focus to median prices from mean prices in its publications and tools.

"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, the lead statistician for residential property price statistics.

The ten most expensive Eircode areas by median price were in Dublin.

The Eircode area with the highest median price for household dwelling purchases was Glenageary at €597,499.

The least expensive Eircode area within Dublin by median price was Dublin 10, with a median price of €203,000.

Outside Dublin the most expensive Eircode area was Greystones, with a median price of €390,000.

The least expensive Eircode area over the last 12 months was Ballyhaunis, with a median price of €65,000.

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