Residential property prices of new dwellings in the second quarter of 2022 were 7.7% higher than in the corresponding quarter of 2021. This compares with an increase of 6.2% in the year to the first quarter and an increase of 2.2% in the four quarters to Q2 of 2021.
Prices of existing dwellings in the second quarter of 2022 were 16.3% higher than in corresponding quarter of 2021. This compares with an increase of 17.7% in the year to the first quarter and an increase of 6.7% in the four quarters to Q2 of 2021. See Figure 2.1.
Overall, prices of new dwellings have risen by 87.8% from their trough in the middle of 2013. Prices of existing dwellings are now 125.6% 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.
