House prices have increased by more than 15% in the past year 1 month ago

House prices have increased by more than 15% in the past year

More bad news for first-time buyers...

The cost of housing continues to skyrocket across the country, as residential property prices have increased by 15.2% in the 12 months up to March 2022.

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The new figures were released by the Central Statistics Office (CSO) as part of the latest Residential Property Price Index on Monday (16 May).

Overall, the national index is around 2% lower than peak house prices in Ireland in 2007.

The median price of a home purchased in the 12 months between March 2021 and March 2022 was €285,000.

3,918 purchases by households at market prices were filed with Revenue in March 2022.

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While this represents a 0.8% decrease compared to the 3,951 purchases in March 2021, it is a 9.3% increase over the 3,584 houses purchased in February 2022.

The total value of transactions filed in March was €1.3 billion.

“Residential property prices rose by 15.2% in the 12 months to March 2022, up from 15.1% in February 2022," said Viacheslav Voronovich, a statistician with CSO.

"In Dublin, residential property prices saw an increase of 12.7%, while property prices outside Dublin were 17.3% higher.

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"In Dublin, house prices increased by 12.6% and apartment prices by 12.9%.

"The highest house price growth in Dublin was in Dublin City at 13.8%, while South Dublin saw a rise of 11.3%.

"Outside Dublin, house prices were up by 17.3% and apartment prices rose by 17.6%.

"The region outside of Dublin that saw the largest rise in house prices was the Border at 25.1%, while at the other end of the scale, house prices in the Mid-East increased by 15.2%.

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"Existing dwellings accounted for 3,288 (83.9%) of the dwelling purchases filed with the Revenue Commissioners in March 2022, the balance of 630 (16.1%) were new dwellings.

"Households paid a median or mid-point price of €285,000 for a residential property in the 12 months to March 2022.

"The lowest median price paid for a dwelling was €136,500 in Longford, while the highest was €601,000 in Dún Laoghaire-Rathdown.”

The CSO has provided a breakdown of median house prices across the country, organised by Eircode.

You can check out the average cost of a home in your area here.

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