Residential Property Price Index November 2016

Volume and Value

In the month of November, there were 3,642 household market residential dwelling purchases filed with the Revenue Commissioners. This represents a 12.3% increase compared to November 2015, when 3,244 purchases were filed, and an increase of 11.8% compared to October 2016, when 3,258 purchases were filed. The total value of the market based on transactions filed in November was €904.8 million.

New and Existing Dwellings

Of the 3,642 household market dwelling purchases filed with the Revenue Commissioners in November, 307 (8.4%) were for new dwellings and 3,335 (91.6%) were for existing dwellings. Compared to November 2015, the volume of new dwellings purchases increased 51.9% and the volume of existing dwellings purchases increased by 9.6% (See Figure 2). November 2016 is the first month in which the volume of new dwelling filings has exceeded 300 since before 2010.

Average Price

In November the average market price paid by households was €248,437. 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 €237,842.

In the year to November, 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 €387,851. Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown was the most expensive, with an average price of €545,125 over the 12 month period. Conversely, South Dublin was the least expensive, with an average price of €310,765.

After Dublin, the next most expensive region was the Mid-East, where the average market price paid by households was €239,956. Within the Mid-East, Co. Wicklow was most expensive, with an average price of €311,508, 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 €112,656. However, the least expensive county was Co. Longford in the Midland region, with an average price of €84,595 (see Figure 4).

 

The Statbank Tables are available here