The latest survey of house prices indicates that the average price of a house in Ireland has exceeded €200,000 for the first time. The average price of a house here now stand at €200,606. When the index began tracking the price of houses in 1996, the average price was €75,169.
The figures from the Permanent TSB House Price Index - which are compiled in association with the Economic and Social Research Institute - also show that over the year to date national house prices rose by 10.4%. This compares to an increase of 5.7% over the same time last year.
The average price paid for a house in Dublin is now €262,000, while the equivalent price for a house outside the capital is €177,000.
Permanent TSB's Niall O'Grady said the key factors behind the figures seem to be the return of investors to the market this year and the strong performance of the first time buyers sector.
'Very few people would have predicted double digit growth in the housing market this year, after last year's sharp fall-off in the rate of growth. Yet clearly we are now going to see just that,' O'Grady said.
Dublin house prices rose by 2.6% in October, while the price of houses outside of Dublin rose by 1.1%. The respective rates of growth were 1.2% and 1.6% in September. For October 2001, the respective growth rates were -0.9% and -1.2%.
The growth rate of house prices in Dublin and outside of the capital over the year to date were 11.4% and 10.2%, the index said.
In October, prices increased by 1.1% for first time buyers and 1.2% for second time buyers. The average price paid by a first time buyer was €176,334 while the average paid by a second time buyer was €225,676. The equivalent prices the same time last year were €163,077 and €207,343.
The index also revealed that prices for second hand houses increased by 1.4% in October, while new house prices were up 1.7%. Year to date to October, the growth rats for new and second hand houses were 6.4% and 13%.
