Permanent TSB / ESRI House Price Index
Average national house prices in Ireland fell by 1.7% in the 2nd Quarter of 2010 according to the permanent tsb / ESRI House Price Index Quarterly Review published today. This is the lowest quarterly reduction since the second Quarter of 2008 [April – June inclusive] and compares to a reduction in Quarter 1 this year of 4.8% and a reduction of 3.9% in Quarter 2 of last year [2009].
The reduction in average national house prices in the first six months of this year was 6.4%. This compares to a fall of 8.1% in the first six months of last year [2009]. The year on year decline (Quarter 2, 2009 to Quarter 2, 2010) was 17.0% and compares to a reduction of 18.9% year on year to Quarter 1 2010. The average price for a house nationally in Quarter 2, 2010 was €201,364, compared with €242,593 in Quarter 2 2009 and €311,078 at their peak. National prices have fallen 35% since the price peak at the end of 2006.
Dublin V Rest of Country
Dublin house prices fell by 3.5% in the 2nd Quarter of 2010. This compares to a reduction in 1st Quarter 2010 of 10.3% and a reduction of 7.5% in Quarter 4 2009.
The reduction in the first six months of 2010 was 13.5%, and compares to -12.2% in the same period 2009. The year on year decline in Dublin (Quarter 2 2009 to Quarter 2 2010) was 24.6% and compares to a reduction of 24.5% year on year to Quarter 1 2010. The average price for a Dublin house in Quarter 2 2010 was €242,000, compared with €250,872 in Quarter 1 2010.
House prices Outside Dublin fell by 0.8% in the 2nd Quarter of 2010. This compares to a reduction in Quarter 1 2010 of 3.5% and a reduction of 6.2% in Quarter 4 2009.
The reduction in the first six months of 2010 was 4.3%, and compares to -6.0% in the same period 2009. The year on year decline Outside Dublin (Quarter 2 2009 to Quarter 2 2010) was 14.0% and compares to a reduction of 16.2% year on year to Quarter 1 2010. The average price for a house Outside Dublin in Quarter 2 2010 was €181,820, compared with €183,309 in Quarter 1 2010.
Commenting on the figures Niall O’ Grady, General Manager with permanent tsb said “While prices continue to fall at different levels in Dublin versus the rest of the country, this reduction in Quarter 2 is the lowest recorded quarterly fall in almost two years. This may indicate that prices are starting to find a more sustainable level after almost three and a half years of decline”.