House price growth flatlines to 0.1% nationally

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House Price Growth Flatlines To 0.1% Nationally House Price Growth Flatlines To 0.1% Nationally
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Tomas Doherty
Property prices are rising nationally by just 0.1 per cent, with the market flatlining as Covid-19 restrictions continue to affect the wider economy.

This compares with an increase of 0.3 per cent in the year to May and an increase of 2.0 per cent in the twelve months to June 2019, according to new figures released by the Central Statistics Office (CSO).

The figures also show that property sales are on the rise again but still down almost a third compared to the same time last year.

The Residential Property Price Index shows prices in Dublin dropped by 0.7 per cent in the year to June – house prices decreased by 0.9 per cent and apartments increased by 2.4 per cent. The highest house price growth in Dublin was in Dún Laoghaire-Rathdown at 0.1 per cent, while South Dublin saw a decline of 2.7 per cent.

Residential property prices in the Republic, excluding Dublin, were 0.9 per cent higher in the year to June, with house prices up by 1.2 per cent and apartments down by 1.3 per cent.

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The region outside of Dublin that saw the largest rise in house prices was the south-west at 6 per cent – at the other end of the scale, the south-east saw a 0.7 per cent decline.

Household dwelling purchases filed with Revenue were down 33.1 per cent compared to June last year and up 17.1 per cent on the figures in May this year.

The index also shows the typical cost or median price of a home in the Republic in the 12 months to June was €260,000, down €10,000 from September 2019.

The median price of a home in Dublin was €374,998. Within the Dublin region, Dún Laoghaire-Rathdown had the highest median price (€525,000), while south Dublin had the lowest (€347,500).

The highest median prices outside Dublin were in Wicklow (€335,000) and Kildare (€310,000), while the lowest price was €105,000 in Leitrim.

Overall, the national index is 17.8 per cent lower than its highest level in 2007. Dublin residential property prices are 22.7 per cent lower than their February 2007 peak, while residential property prices in the rest of the State are 20.5 per cent lower than their May 2007 peak.

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