Property prices fall again in Dublin but are up nationally

Prices rose by 1.4pc in the year to September 2023, with prices in Dublin decreasing by 1.9pc.

Outside Dublin prices were up by 4pc, the Central Statistics Office said.

It was the fourth consecutive national monthly increase.

For the month of September prices were up 0.8pc compared with the previous month across the State.

Higher mortgage interest rates have been blamed for the fall in prices in Dublin, with high-end homes showing the biggest declines.

However, strong demand from first-time buyers is ensuring prices keep rising nationally, although at a slower pace than previously.

First-time buyers can knock up to €100,000 off what they have to borrow for new homes by combining two state support schemes.

Buyers who avail of the new First Home shared equity scheme, along with the Help-To-Buy tax refund, are managing to buy €320,000 homes with mortgages of just €240,000. One commentator said this was acting like “rocket-fuel” to propel people on to the property market. But it may also be fuelling continued rising house prices.

In September some 4,255 dwelling purchases by households at market prices were filed with the Revenue Commissioners.

This is down by 7.2pc when compared with the 4,583 purchases in September last year.

Residential property prices of new dwellings in the third quarter of this year were 10.4pc higher than in the corresponding quarter last year.

This compares with an increase of 11pc in the year to the second quarter and an increase of 9.1pc in the four quarters to September last year.

Prices of existing dwellings in the third quarter were 1pc lower than in the corresponding quarter of 2022.

The median price of a dwelling purchased in September was €320,000.

The lowest median price for a house was €160,000 in Longford, while the highest median price was €635,000 in Dún Laoghaire-Rathdown.

The most expensive Eircode area over the 12 months to September 2023 was in Blackrock with a median price of €735,000.

The least expensive property was in Castlerea with a price of €130,000, the CSO said.

The national index is now 3.9pc above its highest level at the peak of the property boom in April 2007.

Dublin residential property prices are 7.5pc lower than their February 2007 peak.

Residential property prices in the Rest of Ireland are 5.1pc higher than their May 2007 peak.

n the year to September, 50,359 dwelling purchases by households at market prices were filed with Revenue.

A third of these were purchased by first0time buyer owner-occupiers.

Former owner-occupiers purchased half of them.

The balance of 6,013 properties were acquired by non-occupiers.