Although Auckland annual housing consents recently reached an 11 year high and are some 20 percent above last year in value, the number of residential building consents per capita in Auckland is currently around 40 percent of the peak level achieved in the mid-2000s.
The average HICP inflation rate is expected to fall to around 2½ per cent this year, and perhaps further to about 2 per cent next year, bringing inflation in Ireland broadly into line with the euro area average. Following substantial price increases over an extended time-period, house prices have declined reflecting an easing of demand.