Residential Property Price Index September 2016

 Volume and Value

In the month of September, there were 3,382 household market residential dwelling purchases filed with the Revenue Commissioners. This represents a 3.2% increase compared to August 2016, when 3,277 purchases were filed, and a decrease of 0.2% compared to September 2015, when 3,390 purchases were filed. However, when measured by value, the housing market has increased by 7.1% (€799.9 million to €856.6 million) in the twelve months to September 2016.

New and Existing Dwellings

Of the 3,382 household market dwelling purchases filed with the Revenue Commissioners in September, 209 (6.2%) were for new dwellings and 3,173 (93.8%) were for existing dwellings. Compared to September 2015, the volume of new dwelling purchases increased 14.8% and the volume of existing dwelling purchases decreased by 1.1% (See Figure 2). 

Average Price

In September, the average market price paid by households was €253,268. However, it should be noted that this is a simple average, not quality adjusted, and therefore not aligned with the Residential Property Price Index (this simple average can vary considerably from month to month as the mix of properties sold changes). The average price over 12 months is a more stable measure of average price (although still not quality adjusted). In the 12 months to August the average market price paid by households was €233,984.

In the year to September, the average price paid for a dwelling by households was higher in Dublin than in other region or county. The average price paid for a dwelling in Dublin was €383,451. Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown was the most expensive, with an average price of €539,334 over the 12 month period. Conversely, South Dublin was the least expensive, with an average price of €305,244.

After Dublin, the next most expensive region was the Mid-East, where the average market price paid by households was €237,900. Within the Mid-East, Co. Wicklow was most expensive, with an average price of €314,686, making it the second most expensive county after Co. Dublin.

The least expensive region for household purchases over the last 12 months was the Border region, with an average price of €112,615. However, the least expensive county was Co. Longford in the Midland region, with an average price of €84,279 (see Figure 4).

 

The Statbank Tables are available here