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New and Existing Dwellings

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New dwelling prices rise by 2.2% in the year to the second 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
Q2 2020132.10.62.1 133.7-0.3-0.2
Q3 2020132.90.61.6 133.90.2-1.6
Q4 2020133.80.72.1 135.91.50.3
Q1 2021134.60.62.5 138.41.83.2
Q2 2021135.00.32.2142.63.16.7
The latest quarter is provisional and subject to revision

Residential property prices of new dwellings in the second quarter of 2021 were 2.2% higher than in the corresponding quarter of 2020. This compares to an increase of 2.5% in the year to the first quarter and an increase of 2.1% in the four quarters to Q2 of 2020.

Prices of existing dwellings in the second quarter of 2021 were 6.7% higher than in corresponding quarter of 2020. This compares to an increase of 3.2% in the year to the first quarter and a decrease of 0.2% in the four quarters to Q2 of 2020. 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

Overall, prices of new dwellings have risen by 74.2% from their trough in the middle of 2013. Prices of existing dwellings are now 94.0% 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 2021135142.6141.7

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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