New figures from the Central Statistics Office show that residential property prices saw the slowest pace of growth in 22 months in August. 

The CSO said that residential property prices at a national level increased by 8.6% in August. This compared with an increase of 10% in the year to July and 11.8% the same month last year.

Today's figures show that Dublin residential property prices increased by 6.1% with house prices in the city rising by 5.5% and apartments prices growing by 9.3%. 

The highest house price growth was seen in Dún Laoghaire-Rathdown at 9%, while the lowest growth was in South Dublin, where house prices increased 5%.

Meanwhile, residential property prices outside of Dublin rose by 11.4% in the year to August. 

House prices in the rest of Ireland increased by 10.8% while apartment prices were up 16.4%.

The CSO said that the Mid-West region showed the greatest price growth, with house prices there increasing by 21.5%. The Border region showed the least price growth, with house prices growing by 6.1%. 

From the trough in early 2013, residential property prices nationally have increased by 81.1%. 



Dublin residential property prices have increased by 94.5% from their February 2012 low, while residential property prices in the Rest of Ireland are 76% higher than the trough, which was in May 2013.

Today's figures show that in the 12 months to August, the median price paid for a home was €240,000. 

Dublin was the region with the highest median price at €363,000 in the year to August. 

Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown had the highest median price of €525,000, while the lowest median price was found in Fingal at €322,661.

Outside Dublin, the region with the highest median price was the Mid-East with a medial price of €265,000. 

The Mid-East contained the three counties with the highest median prices outside of Dublin - Wicklow (€310,000), Kildare (€287,250) and Meath (€262,999). 

The Border was the region with the lowest median price for a dwelling at €120,000. 

Co Leitrim had the lowest median price in the Border region and the second lowest median price in the state at €95,000. 

The county with the lowest median price in the state was Longford at €90,800.

Merrion economist Alan McQuaid said it will be interesting to see what new initiatives are announced as regards housing in today's Budget. 

He said that first-time buyers continue to be priced out of the market, but subsidising purchasers through tax breaks is not the answer.

Mr McQuaid also noted that new supply is coming on stream at last. "Based on the new official CSO data, a total of 19,000 new dwellings completed is forecast for 2018, rising up to 25,000 in 2019. So, it is a case of trying to be patient," the economist said. 
 
He said that as we wait for more houses to be built, residential property prices will continue to rise, although anecdotal evidence suggests house price growth may have started to ease, especially in Dublin. 

"We see house price growth staying in positive territory on a year-on-year basis for the immediate future. The biggest rise this year is likely to come from outside the capital, with the asking price for houses in more expensive areas rising at a slower rate," Alan McQuaid added.