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New and Existing Dwellings

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New dwelling prices rise by 6.2% in the year to the first quarter

Table 2.1: Price indices for new and existing dwellings
 New dwellings Existing dwellings
 Price Index (2015=100)Quarterly % changeAnnual % change Price Index (2015=100)Quarterly % changeAnnual % change
Q1 2021134.60.62.5 138.41.83.2
Q2 2021135.10.32.2 142.63.06.7
Q3 2021137.21.63.2151.36.113.0
Q4 2021140.92.75.3158.44.716.5
Q1 2022142.91.46.2 163.02.917.8
The latest quarter is provisional and subject to revision

Residential property prices of new dwellings in the first quarter of 2022 were 6.2% higher than in the corresponding quarter of 2021. This compares to an increase of 5.3% in the year to the fourth quarter and an increase of 2.5% in the four quarters to Q1 of 2021.

Prices of existing dwellings in the first quarter of 2022 were 17.8% higher than in corresponding quarter of 2021. This compares to an increase of 16.5% in the year to the fourth quarter and an increase of 3.2% in the four quarters to Q1 of 2021. See Figure 2.1.

QuarterNewExisting
Q1 201613.26.7
Q2 20168.26
Q3 20165.47.8
Q4 20164.39.2
Q1 20173.810.3
Q2 20175.111.5
Q3 20176.712.8
Q4 20176.212.8
Q1 20188.813
Q2 201811.212.7
Q3 20189.88.8
Q4 20189.96.5
Q1 20196.53.8
Q2 20194.21.9
Q3 20193.21.3
Q4 20192.50.3
Q1 20202.60.4
Q2 20202.1-0.2
Q3 20201.6-1.6
Q4 20202.10.3
Q1 20212.53.2
Q2 20212.26.7
Q3 20213.213
Q4 20215.316.5
Q1 20226.217.8

Overall, prices of new dwellings have risen by 84.4% from their trough in the middle of 2013. Prices of existing dwellings are now 121.8% higher than at their trough in 2012. See Figure 2.2.

QuarterNewExistingTotal
Q1 2010123.9109.8111.5
Q2 2010119.6106.1107.7
Q3 2010115.1103.4104.6
Q4 2010109.799100
Q1 2011105.694.295.4
Q2 201110189.190.5
Q3 201195.183.885.1
Q4 201189.279.380.4
Q1 201286.975.476.8
Q2 201286.373.575
Q3 201284.974.775.9
Q4 201283.175.776.5
Q1 201378.473.974.3
Q2 201377.57474.3
Q3 201379.678.478.5
Q4 201380.180.980.8
Q1 201480.282.382
Q2 201483.287.186.6
Q3 201489.994.293.6
Q4 201493.49796.6
Q1 20159496.896.4
Q2 201598.198.798.6
Q3 2015102.7101.6101.7
Q4 2015105.1103103.2
Q1 2016106.4103.3103.7
Q2 2016106.2104.6104.8
Q3 2016108.3109.5109.3
Q4 2016109.6112.5112.1
Q1 2017110.5113.9113.4
Q2 2017111.6116.6115.9
Q3 2017115.5123.5122.2
Q4 2017116.4126.9125.2
Q1 2018120.2128.6127.3
Q2 2018124.1131.4130.4
Q3 2018126.8134.3133.3
Q4 2018127.9135.2134.2
Q1 2019128133.5133
Q2 2019129.4134133.7
Q3 2019130.8136.1135.6
Q4 2019131.1135.6135.3
Q1 2020131.3134.1134.3
Q2 2020132.1133.7134.2
Q3 2020132.9133.9134.5
Q4 2020133.8135.9136.3
Q1 2021134.6138.4138.3
Q2 2021135.1142.6141.6
Q3 2021137.2151.3148.8
Q4 2021140.9158.4155.1
Q1 2022142.9163159.1

Note

The price indices for new and existing dwellings are produced on a quarterly basis and at the national level only. This is due to the low transaction numbers for new dwellings, which would result in a highly volatile monthly index. Pooling the transactions over a quarter, rather than a month, allows for the calculation of more robust estimates of price change.

 

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