Property prices record their slowest rate of growth in over six years

November 15, 2019 MyHome.ie by MyHome.ie
Property prices record their slowest rate of growth in over six years

Residential property prices increased by 1.1% nationally in the year to September, according to the latest figures from the Central Statistics Office (CSO).

This compares with an increase of 2% in the year to August and an increase of 8.5% in the twelve months to September 2018, adding up to the slowest growth in over six years.

Dublin residential property prices fell for the third month in a row in the year to September, according to the figures.

Dublin residential property prices decreased by 1.3% in the year to September, with house prices falling by 1.5% and apartments slowing by 0.2%.

The CSO noted that the highest house price growth in Dublin was in Fingal at 1.5%, while Dún Laoghaire-Rathdown saw a decline of 6.8%.

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Dublin property prices had slowed for the first time since 2012 in July.

Meanwhile, residential property prices in the rest of the country rose by 3.6% in the year to September, with house prices increasing by 3.4% and apartments by 4.8%.

According to the CSO, the region outside of Dublin that saw the largest rise in house prices was the Border with growth of 11.8%, while the smallest rise was recorded in the Mid-East at 0.2%.

The CSO figures also show that households paid a median price of €255,000 for a home on the property market in the 12 months to September.

Dublin was the county with the highest median price at €368,000. Within Dublin, Dún Laoghaire-Rathdown had the highest median price of €527,000, while Fingal had the lowest at €340,000.

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The CSO said the highest median prices outside Dublin were seen in Wicklow with prices of €323,500 and Kildare on €304,999, while the lowest price stood at €106,250 in Leitrim.

It also said that a total of 45,192 household dwelling purchases were filed with Revenue in the year to September.

Of these, 31.4% were purchases by first-time buyer owner-occupiers, while former owner-occupiers purchased 52.7%. The remaining were bought by non-occupiers.

Revenue data shows that there were 1,325 first-time buyer purchases in September 2019, an increase of 15% on last year.

These buys consisted of 386 new homes and 939 existing homes.

Separate figures from the CSO show a 22% increase in the number of new dwellings built in the three months to September.

60% of all new dwellings were completed in Dublin or the mideast and the CSO said the Eircode with the most new dwellings was Naas.

Meanwhile, a total of 1,538 bed spaces were completed in the student accommodation sector in the third quarter.

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Uncategorized Central Statistics Office CSO property prices residential property prices

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