Residential property prices of new dwellings in the third quarter of 2022 were 9.1% higher than in the corresponding quarter of 2021. This compares with an increase of 7.9% in the year to the second quarter and an increase of 3.2% in the four quarters to Q3 of 2021.
Prices of existing dwellings in the third quarter of 2022 were 12.7% higher than in corresponding quarter of 2021. This compares with an increase of 16.2% in the year to the second quarter and an increase of 13% in the four quarters to Q3 of 2021. See Figure 2.1.
Overall, prices of new dwellings have risen by 93.3% from their trough in the middle of 2013. Prices of existing dwellings are now 131.9% 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.
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