Residential Property Price Index July 2016

4.1  Ireland excluding Dublin index

4.2 House prices most buoyant in the South-West

There are significant differences in house price developments across Ireland’s regions. Generally, the further from Dublin, the slower the house price recovery. However, the South-West region is a notable exception.

House prices in the South-West fell less than any other region (including Dublin) during the economic crisis. Although house prices in the Mid-East initially led the recovery outside of Dublin, from November 2015 onwards the South-West has seen the fastest growth in house prices. Currently, house prices in the South-West have recovered almost to the same extent as in Dublin, recovering to 91.9% of their January 2005 base period value (compared to 92.9% in Dublin).

In contrast, house prices fell furthest and have recovered least in the Border (excluding Co. Louth) region. House prices in the Border region are presently just 65.2% of their January 2005 base (see Figure 4.2).

4.3  County Cork has the most active market outside Dublin

The volume of transactions varies considerably from one county to another. County Cork shows a much higher level of market activity than any other county outside Dublin.

In 2015, there were a total of 4,314 stamp duty returns filed for dwellings purchased in County Cork. This was nearly twice the number of returns (2,188) filed for County Galway, the next most active county.  On the other end of the scale, Monaghan showed the least level of activity, with just 272 dwellings purchases reported in 2015.

County Cork also had the greatest number of new dwellings (287) purchased in 2015.The second most active county was Kildare, with 233 filings for new dwellings in 2015. Offaly had the least number in the year, with just six new dwelling purchases reported (see Figure 4.3).

4.4 Most expensive near Dublin

The most expensive postal districts (as denoted by Eircode Routing Keys) to buy dwellings were generally very near Dublin. The most expensive postal district was A63 ‘Greystones’, (centred in Co. Wicklow) where the average dwelling price was €404,717, according to filings in the year to July 2016. The second most expensive was A98 ‘Bray’ (also largely located in Co. Wicklow), with an average sale price of €363,907 in the same period.

However, not all of the most expensive postal districts were close to Dublin. Third most expensive was P17 ‘Kinsale’ (Co. Cork), with an average sale price of €359,259 in the year to July 2016.

Conversely, the least expensive postal district was F45 ‘Castlerea’, (Co. Roscommon), with an average dwelling price of €72,350 in the year to July 2016. Second least expensive was F35 ‘Ballyhaunis’ (Co. Mayo), with an average sale price of €77,215 (see Table 4.2). 

4.5 Largest price changes by postal district

Average dwelling prices are quite volatile in postal districts, sometimes changing rapidly depending on the mix of properties sold. The relative price of postal districts by average price are therefore subject to ongoing change.

P17 ‘Kinsale’ was the postal district showing the greatest upward movement in average price, comparing the year to July 2015 to the year to July 2016. The average price paid for a dwelling in P17 increased by 40.5% across the two 12 month periods.  Second to P17 was A86 ‘Dunboyne’ (Co. Meath), where average prices increased by 33.3% between the two periods (see Table 4.3A).