The recently releaseed Residential Property Price Register provides actual sales prices of houses and apartments in Ireland since January 2010. Yesterday we put up a set of interactive graphs of the data along with some commentary concerning its scope and quality. Today is the turn of some maps and a look at the geography of the actual sales prices. Below are five maps – the median price of property in each local authority for 2010, 2011 and 2012, actual change in price and percentage change in price 2010-2012. We’ve used median rather than the mean to try and control for the skewing effects of outliers and errors in the data (as detailed in our post yesterday).
What the maps show is a clear drop in prices across the country (click on the maps for higher-res versions). In 2010 no local authority had a median below €127,000. By 2012, nine local authorities have median prices below €100,000 and a further nine below €127,000. All of these local authorities are predominately rural in character with a clear divide evident between the principal cities and their commuting hinterlands and everywhere else. In absolute terms, the biggest drop in median prices between 2010-2012 were in Wicklow, Laois and Waterford, all with inexcess of €67,000 drops in median prices. In percentage terms, Laois and Waterford both sustained large drops in median prices, in excess of -40%, and are joined by similar drops in Longford and Roscommon, with Monaghan not far behind (-39.8%). In contrast, median prices in Dublin, Kildare and Limerick only dropped by between -20-25%. Perhaps somewhat surprisingly, the percentage median change for Leitrim is only -23.5%, though this is partly reflective of its overall, relatively low prices. Also see the interactive graphs.
What the maps reveal, in contrast to CSO price index which only provides an overview of residential property prices for Dublin and elsewhere, is that there is a geography to actual sales prices, with prices falling more in some parts of the country than others, affected by local conditions and markets. There will also be a geography to the market bottoming out and to market recovery. Whilst the Central Bank report that the market may take up to 18 years to recover, where and when will vary spatially, and we’ll now be able to track such patterns using the PSRA data.
Eoghan McCarthy and Rob Kitchin