The research was carried out by MyHome.ie.
The growth in house prices is starting to slow, with an increase of 6 per cent seen in the final three months of 2022.
But a new MyHome.ie report suggests there won't be a total collapse as property prices start to come down.
The report found the average residential purchase price is now running at nearly eight times the average annual wage.
House prices in Ireland are falling
The myhome report published today showed that for the 2nd consecutive quarter, asking prices for Irish Property have dropped nationally@crazyhouseprice
Report is here
https://t.co/ADSdykbaOD pic.twitter.com/UPeJrG3gav— Home Buyer Ireland (@HomeBuyerIre) January 3, 2023
The average home sale in the third quarter of 2022 was €370,000, which is 7.7 times the average income of €48,000.
Myhome.ie say this is the highest multiple since 2009.
The report's authors have explained that the Central Bank's decision to ease mortgage lending rules could have resulted in the discrepancy.
