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Average Irish national house prices in Ireland fell by 4.8% in the first three months of 2010 according to the permanent tsb / ESRI House Price Index quarterly review published today. This compares to a reduction in Qtr 1 last year of 4.3% and a reduction of 7.7% in Qtr 4 2009. The year on year decline (Qtr 1 2009 to Qtr 1 2010) was 18.9% and compares to a reduction of 18.5% year on year to Qtr 4 2009.
The average price for a house nationally in quarter 1 2010 was €204,830, compared with €215,086 in quarter 4 2009 and €311,078 at their peak. National prices have fallen 34% since the price peak at the end of 2006. Dublin V Rest of Country: Dublin house prices fell by 10.3% in the first three months of 2010. This compares to a reduction in Qtr 1 last year of 9.0% and a reduction of 7.5% in Qtr 4 2009. The year on year decline in Dublin (Qtr 1 2009 to Qtr 1 2010) was 24.5% and compares to a reduction of 23.4% year on year to Qtr 4 2009. The average price for a Dublin house in quarter 1 2010 was €250,872, compared with €279,753 in quarter 4 2009.
House prices Outside Dublin fell by 3.5% in the first three months of 2010. This compares to a reduction in Qtr 1 last year of 2.8% and a reduction of 6.2% in Qtr 4 2009.
The year on year decline Outside Dublin (Qtr 1 2009 to Qtr 1 2010) was 16.2% and compares to a reduction of 15.6% year on year to Qtr 4 2009. The average price for a house Outside Dublin in quarter 1 2010 was € 183,309, compared with €189,924 in quarter 4 2009.
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.
