In June, the index records that the average price paid for a house in Ireland in June was euro1,561 less than that paid the previous month (May); a decline in national prices of 0.5 per cent in June. This follows the reduction in national house prices of 0.8 per cent in May and April and 0.6 per cent in March.
Measured over the past 12 months (up to and including June), the average national price paid for a house in Ireland was just 0.9 per cent higher in June 2007 than the price paid in June 2006.
The average price paid for a house nationally in June 2007 was euro 302,605, compared with euro 310,632 in December 2006.
Commenting on the results, Niall O’Grady, Head of Marketing, permanent tsb bank said; “These figures put the reality of what is happening in the housing market in Ireland into context. After a decade of exceptional growth, house prices have declined in the first six months of this year by 2.6 per cent. While specific cases can be found of higher declines and of some increases, this represents the actual national picture. The future will continue to be influenced by interest rate changes and local sentiment however on the whole, the market remains solid and is underpinned by the twin fundamentals of a strong economy and strong demographic growth.”
Dublin V Rest of Country:
Dublin house prices declined by 1.3 per cent in June while there was a reduction in prices of 0.9 per cent for houses bought outside Dublin. In May 2007 the relative price changes were -1.2 per cent and -0.8 per cent. Over the first half of this year, prices declined by 2.0 per cent and 3.2 per cent respectively.
However in the12 months to the end of June 2007, house prices in Dublin grew by 4.1 per cent. Outside Dublin they declined by 0.4 per cent over the same period. The equivalent rates to May 2007 were (plus) 7.6 per cent and (plus) 1.5 per cent respectively.
The average price paid for a house in Dublin and outside Dublin in June 2007 was EUR 418,905 and EUR 257,945 respectively. The equivalent prices in December 2006 were EUR 427,343 and EUR266,339.
Commuter Counties: - Louth, Meath, Kildare & Wicklow
House prices in the commuter counties of Dublin declined by 0.7 per cent in June 2007, compared to growth of 0.3 per cent in May 2007. During the first half of this year prices declined by 3.9 per cent. Year on year growth to June 2007 in the Commuter counties was (plus) 0.9 per cent. This was lower than the (plus) 3.0 per cent recorded in the 12 months to May 2007.
The price of a house in the commuter counties in June 2007 was euro 330,712, down from euro 344,186 in December 2006.
3 Bedroom Semi-detached Houses
3 bed semi-detached house prices declined by 1.4 per cent in June 2007, while in May this year prices fell by 1.9 per cent . During the first half of this year prices declined by 4.8%.
House prices in this category grew by just 0.2 per cent year on year to June 2007 compared with 2.3 per cent in the year to May 2007. The price of a 3 bedroom semi in June 2007 was euro 296,958 - down from euro 311,906 recorded in December 2006.
First time buyers V. Second time buyers:
House prices in June for first-time and second-time buyers declined by 0.9 per cent and 0.5 per cent respectively. In May 2007 the equivalent figures were -1.8 per cent and -0.5 per cent. During the first half of this year prices declined by 3.2 per cent and 2.6 per cent respectively.
House prices grew by 0.6 per cent and 0.7 per cent year on year to June 2007 for first-time and second-time buyers respectively. The equivalent rates to May 2007 were 3.3 per cent and 2.6 per cent respectively.
The average price paid by a first-time buyer and a second-time buyer in June 2007 was EUR 270,093 and EUR 340,143 respectively. The equivalent prices in December 2006 were EUR 279,003 and EUR349,213.
New V. Existing Houses
House prices for new houses were down by 0.7 per cent in June while the price for existing houses decreased by 0.3 per cent. In May this year the relative price changes were minus 1.0 per cent and minus 0.8 per cent respectively for new and second hand houses. During the first half of this year prices declined by 1.2 per cent and 2.7 per cent respectively.
New and second hand house prices grew by 1.7 per cent and 1.0 per cent respectively year on year to June 2007. The equivalent rates of growth to May 2007 were 3.3 per cent and 2.4 per cent respectively.
The average price paid for a new house in June 2007 was EUR 298,962, while that paid for a second hand house was EUR 304,391. The equivalent levels in December 2006 were EUR 302,645 and EUR 312,709.
