Property prices fell almost 1% in Dublin in 2019
Decline in Dublin matched with rise across State
Prices across the State are now 17.5 per cent off their boom time peak, with Dublin prices 22.1 per cent lower than their peak. Photograph: iStock
Residential property prices in Dublin fell by 0.9 per cent over the course of 2019, while the average price across the State rose by 0.9 per cent.
The Central Statistics Office (CSO) said the price decline in Dublin has increased in pace while the rise across the country is slowing.
Dun Laoghaire-Rathdown, seen as a bellwether for the rest of the market, recorded price falls of 6 per cent in 2019 although parts of Dublin did post some growth. In Fingal, for example, prices rose 2.9 per cent.
When Dublin is excluded, the picture is steadier, with prices up 2.8 per cent in the year. The Border region was the area outside of Dublin with the largest rise in prices, up 6.7 per cent, while at the other end of the scale, prices in the Mid-East rose just 0.6 per cent.
Goodbody chief economist Dermot O’Leary pointed out that “2019 represented the slowest growth in Irish house prices since 2012”, adding that “uncertainty around the formation of a new Government may also stall the market somewhat as buyers await clarity”.
Prices across the State are now 17.5 per cent off their boom time peak, with Dublin prices 22.1 per cent lower than their peak. But prices have recovered significantly, with Dublin prices 92.8 per cent up from their low point in February 2012.
Mr O’Leary said Goodbody is forecasting growth of 4 per cent in house prices in the Republic in 2020, but he said there are downside risks which could trouble demand. Such an outcome, he said, would not have a supply impact until 2021 or 2022. That could negatively affect the build to rent sector. “With investors in that sector being more skittish, there’s a risk that supply would be more held back in 2021 and 2022,” he said.
December saw 4,391 household purchases filed with Revenue, a 2 per cent rise on the same month in 2018 and a 10 per cent increase on November.
In the entirety of 2019, 45,276 purchases were filed with Revenue. Of those, 31.9 per cent were bought by first-time buyer owner occupiers while 52.6 per cent were bought by those trading up.
Across the State, households paid a median price of €259,000 to buy a home. The Dublin region had the highest median price of €370,000 and, within the region, Dun Laoghaire Rathdown had the highest median price of €525,000. South Dublin had the lowest at €345,000.