Costs surged by 6.1pc within the 12 months to February, with the continuous rises making affordability for consumers an enormous subject.
The February enhance was bigger than the rise of 5.4pc within the 12 months to January, based on the Central Statistics Workplace (CSO).
This implies the tempo of property value rises has picked up, and it was the sixth month in a row of costs rising nationally.
Unbiased economist Austin Hughes stated the persevering with pick-up in house-price inflation in February mirrored larger demand.
He added that this was fuelled by the sense that rates of interest had peaked and will fall considerably over the subsequent 12 months.
This was coupled with enhancing incomes supported by Funds measures and an easing in inflation.
“On the similar time, the truth that the quantity of gross sales is decrease than a 12 months in the past emphasises the persevering with constraints on provide,” he stated.
Costs have now risen a lot that median home costs are almost seven instances common earnings. Mr Hughes stated this meant affordability points ought to restrain house-price inflation considerably.
“However value pressures might be sustained for a while due to the prospect of decrease rates of interest,” he stated
“And pre-election Funds guarantees imply there are more likely to be extra potential purchasers than out there properties for a while to return.”
In Dublin, costs rose by 5.6pc whereas exterior the capital they have been up by 6.5pc, the CSO stated.
Worth rises are being turbo-charged by a scarcity of properties to purchase, and by the State help schemes for consumers, notably the Assist to Purchase scheme and the shared-equity First House scheme.
Residential property costs of latest dwellings within the final three months of final 12 months have been 9.2pc larger than in the identical quarter of 2022. Costs of present dwellings within the fourth quarter of final 12 months have been 1.6pc larger than within the corresponding quarter of 2022.
The CSO produces value indices for brand new and present dwellings on a quarterly foundation. In February, 3,327 properties purchases by households at market costs have been filed with the Income Commissioners. This was down by 0.7pc compared with the three,351 purchases in February final 12 months, the CSO stated.
Robert Gardiner, director and senior property negotiator at fixed-fee property company Auctioneera.ie, stated the CSO knowledge was not shocking.
“With each new property itemizing that goes stay, we’re persistently seeing very excessive demand from consumers,” he stated.
“Viewing attendances are robust, with first-time consumers being vastly prevalent, as seen within the document mortgage approvals for them over the past variety of months.”
Mr Gardiner stated the market was experiencing document low ranges of provide in second-hand properties.
The median value of a dwelling bought within the 12 months to February was €330,000, the CSO stated.
The bottom median value by space for a dwelling was €165,000 in Leitrim, whereas the best median value was €620,000 in Dún Laoghaire-Rathdown.
The costliest Eircode space over the 12 months to February was in Blackrock in Dublin, with a median value of €715,025. Castlerea, Co Roscommon, had the least costly value of €135,000.
The nationwide Residential Property Worth Index (RPPI) has now reached the worth of 177.6, which is 8.5pc above its highest degree on the peak of the property increase in April 2007.