House prices rise by 7.8% in 2022 as average cost now €305k

Property prices nationally have increased by 130.3% from their trough in early 2013.

House prices continue to increase in Ireland, jumping by 7.8% in the last year.

However, new data from the CSO shows increases are slowing, down from a rate of 8.5% in the previous 12 months.

The median price of a house in Ireland is now €305,000, exceeding the peak of the boom in 2007 by almost 1%.

The latest Residential Property Price Index from the Central Statistics Office (CSO) shows prices in Dublin are up by 6% in 2022, with prices outside of the capital rising by 9.3%. South Dublin saw growth of 11%.

Across the country, it was 0.8% more expensive to buy a house in 2022 than it was in 2007, when house prices peaked prior to the recession.

Properties in Cork county had an average price of €304,350, while buying in Cork city would have cost an average of €283,500.

The cost of buying a house in Cork and Kerry combined rose by 8.3%.

The highest median was €625,000 in Dún Laoghaire-Rathdown, while the lowest was €152,000 for a dwelling in Longford.

The most expensive eircodes to buy a property in 2022 were both in Dublin with a median price of €750,000 in A41 (Ballyboughal) and A94 (Blackrock).

Outside of Dublin, Kinsale had the third most expensive houses in the country in 2022, with a median price of €425,000.

Property prices nationally have increased by 130.3% from their trough in early 2013.

Commenting, director of financial services at Brokers Ireland Rachel McGovern said many groups were aware the current model of home building was "not working".

"To have any hope of turning around this dire situation, which has been responsible for societal change not seen in decades, and which is impacting the social and financial wellbeing of swathes of our population, and will do so for years to come, we need the Government to bring in a set of unprecedented policy measures that will see more homes built at affordable prices.”

December saw a slight increase in the level of activity, with 5,213 dwelling purchases by households filed with the Revenue Commissioners, up 0.8% compared on the same month a year ago.