The price indices for new and existing dwellings are produced on a quarterly basis and at the national level only. This is due to the low transaction numbers for new dwellings, which would result in a highly volatile monthly index. Pooling the transactions over a quarter, rather than a month, allows for the calculation of more robust estimates of price change.
Residential property prices of new dwellings in the first quarter of 2024 were 8.4% higher than in the corresponding quarter of 2023. This compares with an increase of 9.2% in the year to the fourth quarter of 2023, and an increase of 11.0% in the four quarters to Q1 of 2023.
Prices of existing dwellings in the first quarter of 2024 were 5.7% higher than in the corresponding quarter of 2023. This compares with an increase of 1.5% in the year to the fourth quarter of 2023, and an increase of 3.6% in the four quarters to Q1 of 2023. See Figure 3.1.
Overall, prices of new dwellings have risen by 122.0% from their trough in the middle of 2013. Prices of existing dwellings are now 142.7% higher than at their trough in 2012. See Figure 3.2.
Explore the average property price, breakdown of buyers and trend of sales over time
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