Housing completions grew by 34% to a total of 6,200 in the third quarter of 2019, the latest BER Tracker from Goodbody shows.

Goodbody said this takes the amount of new homes built so far this year to 15,400, with the possibility that the full year total may modestly exceed its forecast of 21,000 units. 

But the stockbrokers added that with unsold stock rising due to lagging private new home sales, it does not believe that its completions forecast of 24,000 new homes for 2020 will be meet. 

The stockbrokers' analysis uses Building Energy Ratings (BER) data as a forecasting tool and is published roughly four weeks ahead of the official CSO data.

The tracker noted that a surge in housebuilding in Dublin's commuter belt contributed most to the growth in new homes. 

New home completions grew by 57% year on year in the Dublin commuter counties in the three months from July to September. 

In contrast, completions grew by just 9% in Dublin in the third quarter.

In the first three quarters of the year, completions grew by 44% in the Mid-East but were up just 4% in Dublin. 

Meanwhile, completions grew strongly in the West, jumping by 73%, while they rose by 43% in the Mid-West and by 24$ in the South-West.

Goodbody's chief economist Dermot O'Leary also note that apartments represent a growing share of residential completions. 

He estimated that apartment completions grew by 78% year on year to 1,100 units, in the first quarter of 2019.

"Given the costs of apartment delivery, viability appears only to be achieved in the higher-priced market of Dublin, resulting in a sprawl of lower density housing outside the capital," the economist added.