The additional indicators are based on Revenue data and provide information on volume, value and average price on a geographically granular level. It should be noted that average prices are not appropriate for measuring the evolution of property prices as the mix of houses sold in different periods can change over time.
|Table 3: Household market transactions filed with Revenue|
|Month||Volume||Value (million)||Average Price|
Volume and Value
In the month of September, there were 3,382 household market residential dwelling purchases filed with the Revenue Commissioners. This represents a 3.2% increase compared to August 2016, when 3,277 purchases were filed, and a decrease of 0.2% compared to September 2015, when 3,390 purchases were filed. However, when measured by value, the housing market has increased by 7.1% (€799.9 million to €856.6 million) in the twelve months to September 2016.
New and Existing Dwellings
Of the 3,382 household market dwelling purchases filed with the Revenue Commissioners in September, 209 (6.2%) were for new dwellings and 3,173 (93.8%) were for existing dwellings. Compared to September 2015, the volume of new dwelling purchases increased 14.8% and the volume of existing dwelling purchases decreased by 1.1% (See Figure 2).
In the 12 months to September there were 36,960 household market dwelling purchases filed with the Revenue Commissioners. Of these, 9,073 (24.5%) were purchases by first-time buyer owner-occupiers, 19,209 (52.0%) were purchases by former owner-occupiers and 8,678 (23.5%) were purchases by non-occupiers (see Figure 3).
In September, the average market price paid by households was €253,268. However, it should be noted that this is a simple average, not quality adjusted, and therefore not aligned with the Residential Property Price Index (this simple average can vary considerably from month to month as the mix of properties sold changes). The average price over 12 months is a more stable measure of average price (although still not quality adjusted). In the 12 months to August the average market price paid by households was €233,984.
In the year to September, the average price paid for a dwelling by households was higher in Dublin than in other region or county. The average price paid for a dwelling in Dublin was €383,451. Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown was the most expensive, with an average price of €539,334 over the 12 month period. Conversely, South Dublin was the least expensive, with an average price of €305,244.
After Dublin, the next most expensive region was the Mid-East, where the average market price paid by households was €237,900. Within the Mid-East, Co. Wicklow was most expensive, with an average price of €314,686, making it the second most expensive county after Co. Dublin.
The least expensive region for household purchases over the last 12 months was the Border region, with an average price of €112,615. However, the least expensive county was Co. Longford in the Midland region, with an average price of €84,279 (see Figure 4).
The Statbank Tables are available here
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