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Property price growth slows as Dublin prices fall
Residential property price inflation slowed further in November to a rate of 8.6%, down from 9.7% in October, according to the latest figures from the Central Statistics Office.
Prices in Dublin rose by 7% on an annual basis, and fell marginally by 0.2% between October and November, while properties outside Dublin rose by 9.8%.
This compares to a rate of 8.3% in Dublin in October and 10.8% outside the capital.
Prices nationally increased by 0.2% in November compared to October, which is the smallest monthly increase in the past year.
Nationally, prices are now 3% higher than their April 2007 peak. Prices in Dublin are still 5.9% below their February 2007 peak while prices outside Dublin are 2.2% higher than their May 2007 peak.
The price of new dwellings has continued to increase, however, compared to the trend for existing dwellings.
In the third quarter of last year, the price of new dwellings went up by 9.1% compared to the same quarter in 2021. This was up from 7.9% in the second quarter compared to the same period in 2021.
The price of existing dwellings rose by 12.7% in the third quarter compared to the same period in 2021. This was down from the 16.2% increase in the second quarter compared to the second quarter of 2021.
Today’s CSO figures show that the volume of property transactions increased by 7.3% in November to 4.901 compared to November 2021. This was also up 14.1% on October. The total value of transactions was €1.8 billion.
Sales of existing properties rose by 7.3% and accounted for just over 83% of transactions. New properties accounted for 16.8%, which was up 7.4% on November 2021.
First time buyers made up a third of purchasers, former owner occupiers accounted for 53.5% while non-occupiers – which includes investors, local authorities and housing bodies – accounted for 13.3%.
The median, or mid-point, price of a property nationwide was €300,000.
In Dublin the median price was €425,000. This ranged from €620,000 in Dun Laoghaire Rathdown to €395,000 in South Dublin.
Outside Dublin, the highest median priced property ranged from €420,00 in Wicklow to the lowest of €150,000 in Longford.
The postcode with the highest median priced property remains A98 Blackrock at €745,000. The second highest postcode was A41 Ballyboughal in Fingal at €675,000.
Outside Dublin, the highest median postcode was A63 Greystones at €525,000 while the least expensive was F35 Ballyhaunis at €125,000.
Figures earlier this month from Daft.ie and MyHome.ie showed that asking prices fell 0.4% quarter-on-quarter in the final three months of 2022 to stand around 6% higher year-on-year.
Prices typically fall in the final quarter of the calendar year.
The 0.4% drop was one of the smallest fourth quarter declines over the past decade, according to Davy Stockbrokers’ chief economist Conall MacCoille, who analyses the figures for MyHome.ie.
Article Source: Property price growth slows as Dublin prices fall – Robert Shortt – RTE
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