| Table 2.1: Price indices for new and existing dwellings | |||||||
| New dwellings | Existing dwellings | ||||||
| Price Index (2015=100) | Quarterly % change | Annual % change | Price Index (2015=100) | Quarterly % change | Annual % change | ||
| Q1 2021 | 134.6 | 0.6 | 2.5 | 138.4 | 1.8 | 3.2 | |
| Q2 2021 | 135.1 | 0.3 | 2.2 | 142.6 | 3.0 | 6.7 | |
| Q3 2021 | 137.2 | 1.6 | 3.2 | 151.3 | 6.1 | 13.0 | |
| Q4 2021 | 140.9 | 2.7 | 5.3 | 158.4 | 4.7 | 16.5 | |
| Q1 2022 | 142.9 | 1.4 | 6.2 | 163.0 | 2.9 | 17.8 | |
| The latest quarter is provisional and subject to revision | |||||||
Residential property prices of new dwellings in the first quarter of 2022 were 6.2% higher than in the corresponding quarter of 2021. This compares to an increase of 5.3% in the year to the fourth quarter and an increase of 2.5% in the four quarters to Q1 of 2021.
Prices of existing dwellings in the first quarter of 2022 were 17.8% higher than in corresponding quarter of 2021. This compares to an increase of 16.5% in the year to the fourth quarter and an increase of 3.2% in the four quarters to Q1 of 2021. See Figure 2.1.
| Quarter | New | Existing |
|---|---|---|
| Q1 2016 | 13.2 | 6.7 |
| Q2 2016 | 8.2 | 6 |
| Q3 2016 | 5.4 | 7.8 |
| Q4 2016 | 4.3 | 9.2 |
| Q1 2017 | 3.8 | 10.3 |
| Q2 2017 | 5.1 | 11.5 |
| Q3 2017 | 6.7 | 12.8 |
| Q4 2017 | 6.2 | 12.8 |
| Q1 2018 | 8.8 | 13 |
| Q2 2018 | 11.2 | 12.7 |
| Q3 2018 | 9.8 | 8.8 |
| Q4 2018 | 9.9 | 6.5 |
| Q1 2019 | 6.5 | 3.8 |
| Q2 2019 | 4.2 | 1.9 |
| Q3 2019 | 3.2 | 1.3 |
| Q4 2019 | 2.5 | 0.3 |
| Q1 2020 | 2.6 | 0.4 |
| Q2 2020 | 2.1 | -0.2 |
| Q3 2020 | 1.6 | -1.6 |
| Q4 2020 | 2.1 | 0.3 |
| Q1 2021 | 2.5 | 3.2 |
| Q2 2021 | 2.2 | 6.7 |
| Q3 2021 | 3.2 | 13 |
| Q4 2021 | 5.3 | 16.5 |
| Q1 2022 | 6.2 | 17.8 |
Overall, prices of new dwellings have risen by 84.4% from their trough in the middle of 2013. Prices of existing dwellings are now 121.8% higher than at their trough in 2012. See Figure 2.2.
| Quarter | New | Existing | Total |
|---|---|---|---|
| Q1 2010 | 123.9 | 109.8 | 111.5 |
| Q2 2010 | 119.6 | 106.1 | 107.7 |
| Q3 2010 | 115.1 | 103.4 | 104.6 |
| Q4 2010 | 109.7 | 99 | 100 |
| Q1 2011 | 105.6 | 94.2 | 95.4 |
| Q2 2011 | 101 | 89.1 | 90.5 |
| Q3 2011 | 95.1 | 83.8 | 85.1 |
| Q4 2011 | 89.2 | 79.3 | 80.4 |
| Q1 2012 | 86.9 | 75.4 | 76.8 |
| Q2 2012 | 86.3 | 73.5 | 75 |
| Q3 2012 | 84.9 | 74.7 | 75.9 |
| Q4 2012 | 83.1 | 75.7 | 76.5 |
| Q1 2013 | 78.4 | 73.9 | 74.3 |
| Q2 2013 | 77.5 | 74 | 74.3 |
| Q3 2013 | 79.6 | 78.4 | 78.5 |
| Q4 2013 | 80.1 | 80.9 | 80.8 |
| Q1 2014 | 80.2 | 82.3 | 82 |
| Q2 2014 | 83.2 | 87.1 | 86.6 |
| Q3 2014 | 89.9 | 94.2 | 93.6 |
| Q4 2014 | 93.4 | 97 | 96.6 |
| Q1 2015 | 94 | 96.8 | 96.4 |
| Q2 2015 | 98.1 | 98.7 | 98.6 |
| Q3 2015 | 102.7 | 101.6 | 101.7 |
| Q4 2015 | 105.1 | 103 | 103.2 |
| Q1 2016 | 106.4 | 103.3 | 103.7 |
| Q2 2016 | 106.2 | 104.6 | 104.8 |
| Q3 2016 | 108.3 | 109.5 | 109.3 |
| Q4 2016 | 109.6 | 112.5 | 112.1 |
| Q1 2017 | 110.5 | 113.9 | 113.4 |
| Q2 2017 | 111.6 | 116.6 | 115.9 |
| Q3 2017 | 115.5 | 123.5 | 122.2 |
| Q4 2017 | 116.4 | 126.9 | 125.2 |
| Q1 2018 | 120.2 | 128.6 | 127.3 |
| Q2 2018 | 124.1 | 131.4 | 130.4 |
| Q3 2018 | 126.8 | 134.3 | 133.3 |
| Q4 2018 | 127.9 | 135.2 | 134.2 |
| Q1 2019 | 128 | 133.5 | 133 |
| Q2 2019 | 129.4 | 134 | 133.7 |
| Q3 2019 | 130.8 | 136.1 | 135.6 |
| Q4 2019 | 131.1 | 135.6 | 135.3 |
| Q1 2020 | 131.3 | 134.1 | 134.3 |
| Q2 2020 | 132.1 | 133.7 | 134.2 |
| Q3 2020 | 132.9 | 133.9 | 134.5 |
| Q4 2020 | 133.8 | 135.9 | 136.3 |
| Q1 2021 | 134.6 | 138.4 | 138.3 |
| Q2 2021 | 135.1 | 142.6 | 141.6 |
| Q3 2021 | 137.2 | 151.3 | 148.8 |
| Q4 2021 | 140.9 | 158.4 | 155.1 |
| Q1 2022 | 142.9 | 163 | 159.1 |
Note
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.
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