House price growth slows to lowest level in six years

Latest figures show prices in Dublin fell for second consecutive month

Prices in Dún Laoghaire-Rathdown, typically seen as an indicator of where the market is going, declined by 6.1 per cent. Photograph: Tim Ireland/PA Wire

Prices in Dún Laoghaire-Rathdown, typically seen as an indicator of where the market is going, declined by 6.1 per cent. Photograph: Tim Ireland/PA Wire

 

Property price inflation has slowed to 2 per cent, its lowest level in six years, while prices in Dublin continue to decline.

The latest official figures show the middle or median price paid for a home in the Republic in the 12 months to August was €264,852.

This represented an annual increase of 2 per cent down from nearly 9 per cent a year ago.

The slowdown was even more pronounced in Dublin where prices actually fell by 0.3 per cent on an annual basis in August.

Prices in Dún Laoghaire-Rathdown, typically seen as an indicator of where the market is going, declined by 6.1 per cent.

The rapid cooling of the market has been linked to a pick-up in housing supply. Separate figures show new dwelling completions rose by 25 per cent to 18,072 last year and are expected to be up again this year.

The latest figures show the typical cost or median price of a home in Dublin was €367,500. Within the Dublin region, Dún Laoghaire-Rathdown had the highest median price (€533,000), while Fingal had the lowest (€340,000).

Residential property prices in the Republic, excluding Dublin, were 4.4 per cent higher in the year to August. The region outside of Dublin that saw the largest rise in prices was the Border at 13.1 per cent, while the smallest rise was recorded in the mideast at 0.8 per cent.

Prices nationally

Property prices nationally have increased by 85.2 per cent from their trough in early 2013. Dublin residential property prices have risen 95 per cent from their February 2012 low, while residential property prices in the rest of the State are 83.5 per cent higher than in May 2013.

The Eircode with the highest median or middle price for a house purchase was Blackrock at €600,000. The 10 most expensive Eircode areas by median price were in Dublin. The least expensive Eircode area within Dublin was Dublin 10 with a median price of €230,000.

Outside Dublin the most expensive Eircode area over the past 12 months was Greystones, Co Wicklow with a median price of €425,000 while the least most expensive was Clones, Co Monaghan, with a median price of €67,500.