House prices have increased over 80% from lowest point in 2013
House prices have increased by more than 80% from their lowest point in 2013.
The latest Residential Property Price Index, issued by the Central Statistics Office (CSO), shows that prices are continuing to increase, albeit at a slower rate than this time last year.
In 2019, property prices increased by 0.9%. In 2018, the rate of increase was 6.3%.
The decline in the national market is largely driven by Dublin, where prices have started to decrease. In 2019, prices dropped by 0.9% in Dublin, including a 6% decline in Dun Laoghaire-Rathdown.
Outside Dublin, prices grew by 2.8% over the year, including a 3% increase in Cork city. The border region saw the largest increase at 6.7%.
Overall, prices are now just 17.5% lower than at the peak of the boom in 2007. Prices have now increased by 84.2% since the low point of the market in 2013. In Dublin, the increase is even sharper: prices are up 92.8% since their February 2012 low.
2019 represented the slowest growth in Irish house prices since 2012, according to Goodbody chief economist, Dermot O'Leary. Households paid a median price of €259,000 for a dwelling in 2019.
Broken down by Eircode, all 10 of the most expensive areas to buy are in Dublin, with Blackrock top of the list at a median price of €612,500. Outside Dublin, Greystones and Bray remain the most expensive.
Beyond the Dublin commuter belt, Kinsale (€344,999), Ballincollig (€315,000), Carrigaline (€300,000) and Cork city southside (€295,000) are the most expensive areas to buy by Eircode.
Buyers in Limerick paid a median price of €206,000, while in Killarney, it was €200,000. In Waterford, the median price was €170,000.
In total, there 45,276 transactions filed with Revenue in 2019, according to the CSO. This is up from 40,150 in 2016 and a low of just 24,568 in 2013.
While the increase in the number of transactions has been broadly welcomed, a number of concerns have been raised.
First-time buyers account for less than one-third of the market, with investors and other non-occupiers snapping up 15.5% of all properties sold. More than half of all sales are to existing owner-occupiers who are on the move.
In addition, less than one-fifth of properties sold are new-builds. Just 8,540 new builds were sold in 2019, accounting for just 18.8% of all sales.
Joey Sheahan, head of credit at MyMortgages.ie, said, "Prices are stabilising but many first-time buyers are still struggling.
"There can be no doubt that thousands have stable incomes and can afford mortgage repayments, but need help to get that initial leg up on the property ladder."
Brokers Ireland echoed this sentiment, noting that first-time buyers are experiencing "continuing difficulty" in accessing the market.
