|Table 2.1: Household market transactions filed with Revenue|
|Month||Volume||Value (million)||Average Price||Median Price|
Volume and Value
In the month of March, there were 3,026 household market residential dwelling purchases filed with the Revenue Commissioners. This represents a 12.2% increase compared to March 2016, when 2,697 purchases were filed, and an increase of 13.8% compared to February 2017, when 2,658 purchases were filed. The total value of the market based on transactions filed in March was €754.8 million.
New and Existing Dwellings
Of the 3,026 household market dwelling purchases filed with the Revenue Commissioners in March, 236 (7.8%) were for new dwellings and 2,790 (92.2%) were for existing dwellings. Compared to March 2016, the volume of new dwelling purchases increased by 32.6% and the volume of existing dwelling purchases increased by 10.8% (See Figure 2.1).
In the 12 months to March, there were 37,623 household market dwelling purchases filed with the Revenue Commissioners. Of these, 9,582 (25.5%) were purchases by first-time buyer owner-occupiers; 19,462 (51.7%) were purchases by former owner-occupiers; 8,579 (22.8%) were purchases by non-occupiers (see Figure 2.2).
In March 804 first-time buyer purchases were filed with Revenue. This is an increase of 22.7% compared to March 2016 and an increase of 18.8% compared to February 2017. These purchases comprised 94 new dwellings and 710 existing dwellings.
In the 12 months to March, the average market price paid by households for a dwelling was €246,948.
In the year to March, the average price paid by households was higher in Dublin than in any other region or county. The average price paid for a dwelling in Dublin was €400,489. Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown was the most expensive, with an average price of €561,203 over the 12 month period. Whereas, South Dublin was the least expensive, with an average price of €314,932.
After Dublin, the next most expensive region was the Mid-East, where the average price paid by households was €246,556. Within the Mid-East, Co. Wicklow was most expensive, with an average price of €316,269, 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 €116,226. However, the least expensive county was Co. Longford in the Midland region, with an average price of €87,989 (see Figure 2.3).
In the 12 months to March, the median price paid by households for a dwelling on the residential property market was €195,000.
Dublin was the region with the highest median price (€319,000) in the year to March. Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown had the highest median price (€470,000). Whereas, Fingal had the lowest median price (€275,000).
Outside Dublin, the highest median prices were in Wicklow (€275,000) and Kildare (€242,000).
The lowest median prices for a dwelling were in Longford (€73,000) and Roscommon (€77,500) (See Figure 2.4).
Neither average nor median prices are appropriate for measuring the evolution of property prices as the mix of houses sold in different periods can change over time. The Residential Property Price Index is the definitive measure of property price trends.
The Statbank Tables are available here
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