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(File image) Housing estate in Cork. Alamy Stock Photo
House Prices

Property prices continue to rise, with the average house price now at €320,000

Prices in Dublin have fallen while prices in all other counties have risen by 3.8%.

THE CENTRAL STATISTICS Office has revealed that the median price for a home in Ireland is now €320,000, after the property price index increased by 1.5% in the last 12 months.

The findings published by the CSO today found that while house prices in Dublin have decreased, prices outside the capital are up by 3.8%, over the last 12 months.

The region with the largest rise in house prices was in the South-East, according to the research presented today, where prices increased by 4.8%.

Apartment prices outside of Dublin also rose by 2%, while only a marginal increase occurred inside the capital (0.1%).

National median house prices have increased by over 8% since July 2022 – from €290,000 to €320,000.

The lowest median price for a house is in Longford, where it is €160,000 – though the county still experienced an average increase of €15,000 in the last 12 months.

The index has risen by 1.5% overall, despite the European Central Bank hiking interest rates on ten separate occasions during the same period, with the most recent coming last week.

Research from the Central Bank, published this month, confirmed that domestic banks are slower to reflect these European hikes in changes to their own new mortgage rates.

Minister for Finance Michael McGrath said at the end of last month that it was “imperative” that banks and vulture funds support mortgage holders through the period of increases.

The index found that, in July, 4,174 properties purchases were filed with the Revenue Commission, at market prices. This was a 6.1% decrease compared to the same month last year which suggests that activity in the market is slowing as prices grow.

The increases to the index come as Minister for Housing Darragh O’Brien said he is looking at extending the First Home and Help to Buy scheme to lenders seeking to buy second-hand homes, the Irish Independent reported this morning.

This move was critiqued by housing expert Rory Hearne and Sinn Féin’s spokesperson for housing Eoin Ó’Broin today for the impact it could have on further inflating prices in the private market.

Hearne told RTÉ Radio One’s Today with Claire Byrne this morning that more research and analysis would need to be provided by the minister on the potential impact that the extension of the scheme may have to the prices of existing homes.

In a statement today, Ó’Broin said extending the scheme would be a “serious mistake” as it would serve to push up second-hand home prices. The Dublin Mid-West TD accused the government of “fanning the flames” of house price inflation.

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