From True Economics:
Irish Residential Property Price Index for June is out today. Headlines are burning hot with
- 12.5 hike in prices nationwide (y/y);
- June m/m rise of 2.9% - faster than 2.3% in May
- Dublin property prices up 3.3% m/m and 23.9% y/y
- Dublin House prices up 3.1% m/m and 24.4% y/y
There is no avoiding the talk about a 'new bubble'.
In the past, I clearly said that in my view:
- Current levels of prices are not signalling bubble emergence in Dublin
- Rates of increases in Dublin prices are concerning, but levels are yet to break away from the national historical averages
- Trend-wise, we are way below the levels of Dublin prices consistent with normal long-term behaviour in the series.
Here are updated charts on long-term trends...
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