Rowan Fitzgerald Auctioneers brings you the latest insights into the residential property market with a focus on key findings from the Residential Property Price Index (RPPI) for June 2023.

National Residential Property Price Trends: The national Residential Property Price Index (RPPI) has shown a steady increase of 2.2% in the 12 months leading up to June 2023. However, it’s noteworthy that Dublin experienced a marginal decrease of 0.9%, while areas outside Dublin saw a significant uptick of 4.5%.

Dwelling Purchases and Market Activity: In June 2023, there were 4,025 dwelling purchases by households at market prices, marking a 1.7% decrease compared to June 2022, where 4,094 purchases were recorded. This slight dip in activity is an essential aspect to consider for those navigating the property market.

Median Dwelling Price: The median price for a dwelling purchased in the 12 months leading to June 2023 stood at €318,000. This figure provides a central point for understanding the overall market pricing dynamics.

Regional Price Variances: Regional disparities are evident in the property market. Notably, Leitrim and Longford reported the lowest median price at €160,000, while Dún Laoghaire-Rathdown claimed the highest median price at €630,000. Such variations underscore the importance of localized insights.

Expert Commentary from Statistician Viacheslav Voronovich: Viacheslav Voronovich, Statistician in the Prices Division, emphasized that the RPPI for June 2023 indicated a 2.2% rise in residential property prices. Dublin experienced a decrease of 0.9%, contrasting with a robust 4.5% increase in property prices outside Dublin.

Property Price Breakdown by Type and Region: Breaking down property prices, house prices in Dublin declined by 1.1%, while apartment prices fell by 0.2%. Noteworthy variations exist within Dublin regions, with South Dublin witnessing a growth of 2.8% and Dublin City experiencing a decline of 3.8%.

Outside Dublin, house prices surged by 4.7%, and apartments recorded a 2.3% increase. The South-East region (Carlow, Kilkenny, Waterford, Wexford) led the way with a 5.5% rise in house prices, while the Border region (Cavan, Donegal, Leitrim, Monaghan, Sligo) showed a 3% increase.

Market Activity and Eircode Insights: In June 2023, 4,025 dwelling purchases were filed with the Revenue Commissioners, reflecting a 1.7% decrease compared to June 2022. Notably, the median price paid for a dwelling was €318,000. Eircode areas also presented intriguing insights, with A94 ‘Blackrock’ holding the highest median price of €735,000 and F35 ‘Ballyhaunis’ having the least expensive price of €127,500.

Stay tuned for more updates from Rowan Fitzgerald Auctioneers as we navigate the dynamic landscape of the property market, providing you with essential insights for informed decision-making.