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Wednesday 18 September 2019

House prices in Ireland continue to increase, new figures reveal

Report shows house prices increased in every market during the first three months of this year

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Wayne O'Connor

Wayne O'Connor

Property price increases remain "well above healthy levels" and are predicted to keep growing, according to an analysis of the housing market.

New figures released today by property website Daft.ie show the cost of buying a home in Dublin city centre has now doubled since 2012.

Its latest analysis of market trends shows property prices nationwide increased by 5.9pc in the first three months of this year compared to the same period last year. The national average price in the first quarter of the year was €261,000, an increase of €15,000.

While these increases are more modest than in previous corresponding periods, they remain at unhealthy levels, according to the report's author Trinity College economist Ronan Lyons.

Prices increased in all of the country's geographical markets in the first quarter of 2019 compared to the final three months of last year. It is the first time since 2016 that all markets saw a price rise at the same time. This has only happened three times in the last 10 years. The increases represent 2.9pc price growth between January and the end of March when compared to the end of last year.

However, the market is showing some signs of cooling, especially in the capital.

Dublin prices are 4.1pc higher than last year compared to an average of 7.1pc for the rest of the country. The national average increase in the first three months of this year was 5.9pc. During the same period of 2017 the market saw increases of 10pc.

Supply is a significant price factor. More than 22,500 properties were available to buy on the market nationwide this month, an 11pc increase compared to this time last year.

Much of this supply has been in the Dublin region, where availability was up 40pc compared to last March. The average list price in the capital is €383,315.

Of the major cities, Limerick saw the biggest year-on-year price increases, up 11.4pc compared to the first three months of 2018. Waterford city saw prices rise by 10.3pc in the same period. Prices in Galway city rose by 9.9pc, while the cost of a home in Cork city is now 8pc higher.

Sunday Independent

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