Residential property prices of new dwellings in the first quarter of 2023 were 11.1% higher than in the corresponding quarter of 2022. This compares with an increase of 10.1% in the year to the fourth quarter and an increase of 6.2% in the four quarters to Q1 of 2022.
Prices of existing dwellings in the first quarter of 2023 were 3.5% higher than in corresponding quarter of 2022. This compares with an increase of 8.2% in the year to the fourth quarter and an increase of 17.7% in the four quarters to Q1 of 2022. See Figure 2.1.
Overall, prices of new dwellings have risen by 105% from their trough in the middle of 2013. Prices of existing dwellings are now 129.4% higher than at their trough in 2012. See Figure 2.2.
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.
Explore the average property price, breakdown of buyers and trend of sales over time
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