Ask the experts: For how many more years do you think house price rises of more than 4pc a year (what is usually considered 'normal') are likely?
The bulk of price recovery has now taken place in major urban areas. It will take two to three years more of price growth in excess of 4pc but we are likely looking at five years plus in rural areas.
Darina Collins is a director and founding member of the Real Estate Alliance (REA), a partnership of more than 50 estate agency firms nationwide. She is also a partner in REA O’Brien Collins, the Drogheda-based estate agency.
It is likely that house prices will rise by 4pc or more for the short term, which is 1-3 years. I would deem 4pc as above normal but these levels are likely to be maintained in the short term as price recovery continues. Property prices still remain on average 38pc in Dublin and approximately 28pc nationwide below their peak, a fact many seem to have forgotten.
Keith Lowe is CEO of Douglas Newman Good (DNG), a national estate agency network which has 75 branches throughout the country, including franchises. He has 33 years’ experience in the sector, having joined the firm in 1984.
That question is almost impossible to answer. Above-trend price inflation will persist until such time as supply increases sufficiently to meet demand. At this juncture, I cannot see that occurring in the short term. In particular, an upward movement in interest rates, when it happens, will contribute to a moderation in price inflation.
Michael Grehan is MD of the Sherry FitzGerald estate agency group, which has a 66-branch-strong network, including franchises. He has more than 28 years’ experience in the property sector.
It's very difficult to determine, but so long as there is a shortage of supply and low interest rates, prices will move up. Many of the new buyers have never experienced an interest rate hike. When that happens, prices will stall.
Pat Davitt is the CEO of the Institute of Professional Auctioneers and Valuers (IPAV). He has more than 35 years’ experience in the sector, spending much of it running a family-based auctioneering firm in Mullingar.
This is difficult to know without a crystal ball handy. There are too many external factors - like Brexit and the proposed reduction in US corporate tax rates - not to have some concerns about our future economic and employment performance, which is intrinsically linked to the property market performance.
Áine Myler is the director general of the Society of Chartered Surveyors Ireland (SCSI). She holds a master’s degree in planning and development economics, and has worked in estate agency for 26 years and in later years as a consultant.