House prices have 'risen by €85k' during Government's term

The median price of a dwelling purchased in the 12 months to August 2024 was €345,000

Average house prices have risen by €85,000 in the last four years under the coalition Government’s watch, new figures have revealed.

New figures produced by the Central Statistics Office (CSO) on Wednesday show that the national Residential Property Price Index (RPPI) increased by 10.1 per cent in the 12 months to August 2024, with prices in Dublin rising by 10.8 per cent and prices outside Dublin up by 9.6 per cent.

The median price of a dwelling purchased in the 12 months to August 2024 was €345,000.

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The lowest median price for a dwelling in the 12 months to August 2024 was €175,000 in Longford, while the highest median price was €635,000 in Dún Laoghaire-Rathdown.

House prices in Dublin rose by 11.6 per cent in the space of a year, while apartment prices increased by 7.9 per cent.

The highest house price growth in Dublin was in Fingal at 12.4 per cent, while Dún Laoghaire-Rathdown saw a rise of 10.3 per cent.

Outside of Dublin, house prices increased by 9.5 per cent and apartment prices increased by 10.1 per cent.

The region outside of Dublin that saw the largest rise in house prices was the Border (including Cavan, Donegal, Leitrim, Monaghan, and Sligo) at 15.1 per cent.

The number of homes bought in August 2024 also decreased by 14 per cent from 4,640 to 3,990 compared to the same period last year.

The Social Democrats' housing spokesman Cian O’Callaghan stated that house prices have increased by €85,000 during this Government’s time in office.

"First-time buyers are now facing median house prices of €345,000 nationwide, rising to a staggering €462,000 in Dublin," he said.

"Is it any wonder there are over half a million adults stuck living in their childhood bedrooms?

"When this Government took office in June 2020, the median price for a home in Ireland was €260,000. In the four years since then, the price of a home has increased by €85,000.

"Every year this Government is in office, it becomes over €20,000 more expensive to buy your first home.

"This cannot continue and it does not need to."

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