Residential property prices up marginally across the country but continue to fall in Dublin

Residential property prices up marginally across the country but continue to fall in Dublin

Residential property prices increased by 0.9% nationally in the year to October, the slowest pace in six years.

This compares with an increase of 1% in the year to September and an increase of 8.3% the same time last year.

Residential property prices have stabilised over the last year having shot up for five years following a severe crash just over a decade ago.

The CSO figures show that Dublin residential property prices decreased by 1.5% in the year to October – their third fall in a row. Dublin house prices fell by 1.9% and apartments increased by 0.1%.

The CSO noted that the highest house price growth in Dublin was in Fingal at 0.9%, while Dun Laoghaire-Rathdown saw a decline of 7.1%.

Meanwhile, residential property prices around the rest of the country moved 3.3% higher in the year to October, with house prices up by 3.3% and apartments by 4%.

According to the figures, the region outside of Dublin with the largest rise in house prices was the Border at 10.1%, while at the other end of the scale the Mid-East saw no change.

The CSO said that property prices nationally have increased by 85.3% from their trough in early 2013.

Dublin residential property prices have risen 94.9% from their February 2012 low, while home prices in the rest of Ireland are 83.8% higher than their lows reached in May 2013.

Today’s figures show that consumers paid a median price of €256,000 for a home on the residential property market in the 12 months to October.

The Dublin region had the highest median price of €368,000 in the year to October.

Within the Dublin region, Dún Laoghaire-Rathdown had the highest median price at €525,000, while South Dublin had the lowest at €342,000.

Meanwhile, the highest median prices outside Dublin were in Wicklow with prices of €325,000 and Kildare at €305,000, while the lowest price was €107,500 in Leitrim.

The ten most expensive Eircodes for property were all in Dublin. Blackrock topped the list with a median price of €600,000.

Outside of Dublin, Greystones in Co. Wicklow, had the highest median price of €427,499.

The least expensive Eircode was Clones in Co Monaghan with a median price of €75,000.

Today’s CSO figures also show that the volume of transactions rose by 7.1% in October.

First time buyers now make up 31.5% of purchases and the number of first time buyer purchases in October was up 11.1% on a year ago.

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