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Home-price growth slowing, but still above 10%

Annual growth in residential-property prices remained above 10% in September, despite slowing for the sixth month in a row, according to figures from the Central Statistics Office (CSO).

The figures show that prices of houses and apartments increased by 10.8% in the 12 months to September – down from 11.9% in August.

Prices of homes in Dublin rose at an annual rate of 9.4%, while the increase outside the capital was 11.9%. Both figures also show a slowdown from August.

In Dublin, house prices increased by 9.8% and apartment prices were up by 7.5% over the 12-month period. The highest house-price growth in Dublin was in South Dublin at 11%.

Outside Dublin, house prices were up by 12.1% and apartment prices rose by 9.7%. The region outside of Dublin that saw the largest rise in house prices was the West (16.9%).

New-home prices up 9.1%

The figures show, however, that growth in prices of new homes was still accelerating in the third quarter of 2022, rising by 9.1% from the same period in 2021. The annual increase was 7.9% in the second quarter of this year.

In contrast, the third-quarter annual increase in prices of existing homes, though higher at 12.7%, represented a sharp slowdown from the 16.2% seen in the previous quarter.

The CSO said that 4,583 dwelling purchases by households were filed with Revenue in September –an increase of 6.5% compared with the same month last year.

Households paid a median price of €299,500 for a residential property in the 12 months to September 2022.