Property prices equal Celtic Tiger peak with average price of Kinsale home almost €500k

Property prices equal Celtic Tiger peak with average price of Kinsale home almost €500k

Woman looking at houses and flats in the window of an estate agent in London, UK renting rent to let generic stock

Irish property prices have hit their Celtic Tiger peak, the Central Statistics Office has said.

The CSO’s Property Price Index for June 2022 stood at 163.6 points, which is equal to the highest level recorded at the peak of the property boom in April 2007.

In the year to June, the price of properties in Ireland rose 14.1%. This is slightly lower than the 14.4% yearly increase reported in May 2022.

Households paid a median, or mid-point, price of €290,000 for a home in the 12 months to June. The highest area in the country was Dún Laoghaire-Rathdown, with a median price of €605,000. The lowest was in Longford, with homes costing a median of €140,000.

The average price paid for a home in Cork City in the last 12 months was €313,900 and it was €305,047 in Cork county.

Prices continue to rise at a faster pace outside the capital, rising by 16% in the last year compared to 11.8% in Dublin.

Property price inflation in June 2022 is more than double the rate it was in June 2021.

Since prices hit their lowest point in early 2013, they have since more than doubled and risen by 123%.

The cost of new homes in the second quarter of this year is 7.7% higher than the same period last year. Second-hand homes, meanwhile, are up 16.3%.

In June, 4,087 homes were purchased. This was an increase of 17.7% on the same month last year, and up 9.6% from May.

Most of the homes bought last month (80.9%) were second-hand homes.

Almost one in seven (13.9%) of home buyers last month were non-occupiers, while first-time buyers made up one-third of home buyers.

The average price of a home bought in Kinsale is nearing half a million euro and is the third highest in the country outside of Dublin at €493,457.

Trevor Grant, chair of the association of Irish Mortgage Advisors, said the figures show appetite and activity within the sector is “not dwindling”.

“And although inflation could well be eating into the “pandemic savings” which drove some mortgage activity a year ago, we suspect that mortgage market activity will continue to increase as we approach the last quarter of the year,” he said.

“There are thousands of hungry house hunters out there whose primary goal is to secure a home – and unfortunately, they are all vying for a very limited number of suitable properties.”

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