Property prices record their slowest rate of growth in over six years

Property prices record their slowest rate of growth in over six years

Residential property prices increased by 1.1% nationally in the year to September, according to the latest figures from the Central Statistics Office (CSO).

This compares with an increase of 2% in the year to August and an increase of 8.5% in the twelve months to September 2018, adding up to the slowest growth in over six years.

Dublin residential property prices fell for the third month in a row in the year to September, according to the figures.

Dublin residential property prices decreased by 1.3% in the year to September, with house prices falling by 1.5% and apartments slowing by 0.2%.

The CSO noted that the highest house price growth in Dublin was in Fingal at 1.5%, while Dún Laoghaire-Rathdown saw a decline of 6.8%.

Dublin property prices had slowed for the first time since 2012 in July.

Meanwhile, residential property prices in the rest of the country rose by 3.6% in the year to September, with house prices increasing by 3.4% and apartments by 4.8%.

According to the CSO, the region outside of Dublin that saw the largest rise in house prices was the Border with growth of 11.8%, while the smallest rise was recorded in the Mid-East at 0.2%.

The CSO figures also show that households paid a median price of €255,000 for a home on the property market in the 12 months to September.

Dublin was the county with the highest median price at €368,000. Within Dublin, Dún Laoghaire-Rathdown had the highest median price of €527,000, while Fingal had the lowest at €340,000.

The CSO said the highest median prices outside Dublin were seen in Wicklow with prices of €323,500 and Kildare on €304,999, while the lowest price stood at €106,250 in Leitrim.

It also said that a total of 45,192 household dwelling purchases were filed with Revenue in the year to September.

Of these, 31.4% were purchases by first-time buyer owner-occupiers, while former owner-occupiers purchased 52.7%. The remaining were bought by non-occupiers.

Revenue data shows that there were 1,325 first-time buyer purchases in September 2019, an increase of 15% on last year.

These buys consisted of 386 new homes and 939 existing homes.

Separate figures from the CSO show a 22% increase in the number of new dwellings built in the three months to September.

60% of all new dwellings were completed in Dublin or the mideast and the CSO said the Eircode with the most new dwellings was Naas.

Meanwhile, a total of 1,538 bed spaces were completed in the student accommodation sector in the third quarter.

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