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Rise in property prices continues to slow

Rise in property prices continues to slow

Residential property prices rose by 2% in the year to June compared to 2.6% in May, according to the latest figures from the Central Statistics Office (CSO).

In Dublin, house prices were unchanged in the twelve months to June while apartments rose by 0.1%.

South Dublin recorded the highest house price growth in the capital at 3.6% while Dún Laoghaire-Rathdown saw a decline of 4%.

Excluding Dublin, property prices were 3.9% higher in the year to June as house prices rose by 3.6% and apartments by 6.1%.

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Outside of Dublin, the largest rise in house prices was found at the Border at 14.7%.

The Mid-East region recorded a decline of 0.1%.

Average house prices

The average price paid by buyers on the residential property market in the 12 months to June 2019 was €292,909.

The capital had the highest average price of any region or county at €441,209.

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Within the county, the highest average price was €620,538 in Dún Laoghaire-Rathdown while South Dublin recorded the lowest at €364,363.

Outside of Dublin, the Mid-East was the most expensive region with an average price of €294,021.

Rise in property prices continues to slow

Wicklow was the most expensive county in the region with an average price of €349,547.

The Garden County is the second most expensive county in Ireland after Dublin.

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The Border region was the least expensive in the year to April 2019 with an average price of €140,918.

Longford was the least expensive county in Ireland with an average price of €118,688.

Prices by Eircode

The ten most expensive Eircode areas by median price were in Dublin.

In the year to June, Blackrock (A94) had the highest median price for a household dwelling at €610,000.

It is followed by Dublin 6W (D6W) at €595,000 and Dublin 6 (D06) at €592,500.

The least expensive Eircode area in Dublin was Dublin 10 (D10) with a median price of €234,500.

Rise in property prices continues to slow

Outside of Dublin, the most expensive Eircode area was in nearby Greystones, County Wicklow (A63) at €423,722.

It is followed by Dunboyne in County Meath (A86) at €395,000 and Bray, County Wicklow (A98) at €355,000.

Over the past twelve months, the least expensive Eircode area was Clones in County Monaghan (H23) at €66,000.

It is followed by Castlerea, County Roscommon (F45) at €77,750 and Belturbet, County Cavan (H14) at €89,000.

Number of buyers sees slight increase

In June of this year, there were 3,391 household dwelling purchases filed with Revenue.

This is a 1.3% increase compared to June 2018 when there were 3,349 purchases.

However, it is a decrease of 5.7% compared with the 3,598 purchases filed in May 2019.

The total value of transactions filed in June was €971.3m.

Just over 82% (2,783) of the purchases in June were existing dwellings which marks an increase of 4.2% on June 2018.

608 of the purchases (17.9%) were new dwellings which is a decrease of 10.5% compared to June 2018.

In the year to June, 44,695 household dwelling purchases were filed with Revenue.

Of these 13,902 (31.1%) were purchased by first-time buyers owner-occupiers.

Former owner-occupiers purchased 23,339 (52.2%) while non-occupiers accounted for 7,454 (16.7%) of the purchases.

Rise in property prices continues to slow

Overall decline

Overall, the national index is down 18% since its highest level in 2007.

Prices in Dublin are 22.2% lower than their February 2007 peak.

Residential property prices in the rest of the country are 21.3% lower than their May 2007 peak.

National prices have increased 83% from their trough in early 2013 while Dublin prices have risen 92.7% from their low in February 2012.

In the rest of the country, residential property prices are 81.1% higher than at the trough which was in May 2013.

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