PROPERTY PRICES CONTINUE to rise this year, up over 11% in the year to June.
Nationally, the average price of a home was up 11.6%, while in Dublin, it was up 11.1%.
The Central Statistics Office (CSO) Property Price Register released today shows that while prices continue to rise, they remain a long way off the peak reached in 2007.
Dublin house prices increased 11.2%, with apartment prices up 10.6% in the same period. The highest house price growth was in South Dublin, at 11.8%. In contrast, the lowest growth was in Fingal, with house prices rising 5.4%.
House prices in the rest of Ireland increased 11.8% over the period.
The South-East region showed the greatest price growth, with house prices increasing 16.7%. The Mid-West region showed the least price growth, with house prices increasing 8.4%. Apartment prices in the rest of ireland increased 13.4% in the same period.
According to Davy, the availability of mortgage credit is driving the house price rises.
“The average mortgage loan to first-time buyers rose above €200,000 for the first time in Q2 2017, up 9.4% from €182,900 one year ago. The average house purchase loan was €214,000, up 8% on the year.
“Given that wage growth remains close to 2%, loan-to-income (LTI) multiples are probably rising.”