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News : Irish Last Updated: Jan 13, 2010 - 8:45:47 AM


Average Irish national house price fell 1.8% in October - - down 13.9% in 12-month period but based on low-sample size
By Finfacts Team
Dec 4, 2009 - 3:43:18 PM

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The average price for a house in Dublin and outside Dublin in October was €292,631 and € 199,754 respectively. The equivalent prices in December 2008, were €351,096 and €223,984.

Average Irish national house prices reduced by 1.8% in October according to the latest edition of the permanent tsb / ESRI House Price Index. This compares to reductions in September (-1.1%), August (-1.5%) and July 2009 (-1.1%). In the first ten months of 2009 average national house prices have fallen by 12.7% which compares to a reduction of 7.8% in the same period in 2008. Prices fell 13.9% in 12-month period - - however, the sample size appears to have been low.

Measured over the 12 months (year on year) to October, national prices were down by 13.9%. This compares to a decline of 13.1% recorded in the 12 months to September 2009. The average price for a house nationally in October 2009 was €228,347, compared with €261,573 in December and a peak of €311,078 in February 2007. National prices have fallen 26.6% since this price peak.

Dublin V Rest of Country
Dublin house prices fell by 2.6% in October while there was a reduction of 1.0% for houses outside Dublin. In September the relative price changes were -2.1% and -1.3%. House prices were reduced by 19.1% and 11.5% in the twelve months to October 2009 in Dublin and Outside Dublin respectively. The equivalent rates to September were reductions of 19.1% and 11.8% respectively.

Through the first ten months of 2009 prices in Dublin and Outside Dublin fell by 16.7% and 10.8% respectively.

The average price for a house in Dublin and outside Dublin in October was €292,631 and € 199,754 respectively. The equivalent prices in December were €351,096 and €223,984.

3 Bed Semi, First Time Buyers V Second Time Buyers, New V Existing Houses and the Commuter price indices are currently not available due to the low sample size.

There is no data on volume change from month to month -  - a key drawback - - and the data is based on PermanentTSB transactions, which may not be representative of the whole market. For example the plunge in high priced houses may not be reflected in the index.

Why does the national statistics office, the CSO, not compile the data?

Methodology

Paper by David Duffy of the ESRI, published in May 2009

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