Residential property prices of new dwellings in the fourth quarter of 2022 were 10% higher than in the corresponding quarter of 2021. This compares with an increase of 9.1% in the year to the third quarter and an increase of 5.3% in the four quarters to Q4 of 2021.
Prices of existing dwellings in the fourth quarter of 2022 were 8.3% higher than in corresponding quarter of 2021. This compares with an increase of 12.6% in the year to the third quarter and an increase of 16.5% in the four quarters to Q4 of 2021. See Figure 2.1.
Overall, prices of new dwellings have risen by 100.1% from their trough in the middle of 2013. Prices of existing dwellings are now 133.4% higher than at their trough in 2012. See Figure 2.2.
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.
Explore the average property price, breakdown of buyers and trend of sales over time
