Property prices in October rose by 13.5% on an annual basis to mark the fastest annual pace of growth in over six years, according to the latest figures from the Central Statistics Office.
This is an increase on the 12.5% rate recorded in September.
Today’s figures show that prices in Dublin rose by 12.3% while prices outside Dublin rose by 14.6%.
In Dublin, the highest price rise was seen in Dublin City with growth of 15.5% while outside Dublin prices rose fastest in the Border region at 24.1%.
Prices nationally are now just 6% below their 2007 peak.
Prices in Dublin are 12.8% below their February 2007 peak while prices in the rest of Ireland are 8% below their May 2007 peak.
When broken down into new and existing dwellings, the price of existing homes rose sharply by 13% on an annual basis in the three months to the end of September.
This compares to an annual rate of 6.7% in the second quarter. New homes rose by 3.3% in the third quarter up from 2.2% in the second quarter.
The squeeze on supply can be glimpsed through the figures for the volume of transactions.
4,335 property transactions were registered with Revenue in October, an increase of 12.7% on October 2020. However, the number of transactions was up just 0.7% on September.
More transactions are for existing properties. This comprised 85.1% of transactions in October, an increase of 16.3% on last year. New properties comprised 14.9%, a reduction of 4% compared to October 2020.
Today’s CSO figures show that the mid-point or median price of a home nationally was €275,000 in October.
In Dublin, that figure was €400,000 with Dún Laoghaire-Rathdown remaining the most expensive location at €580,000.
Outside Dublin, the cheapest location was Longford where the median priced property was €129,000.
The Eircode with the highest median price of a property remains A94 Blackrock, in Dublin, at €682,000. The lowest median price in Dublin was D10, or Dublin 10, at €250,000.
Outside Dublin ,the A63 Greystones, Co Wicklow Eircode is still the location of the highest median priced property at €490,000.
The least expensive Eircode remains H23 Clones, in Co Monaghan at €85,000.
Ireland has fallen well short of meeting housing demand each year since the property crash more than a decade ago, but supply is beginning to pick up after Covid-19 lockdowns.