1 April 2018
By Mary Bermingham
House prices nationally rose by 2.5% during the first three months of 2018, according to the latest House Price Report released today by Ireland’s No.1 property website, Daft.ie. The average price nationwide was €247,000, 7.3% higher than a year ago. Compared to their lowest point in 2013, prices nationwide have risen by an average of 50% or just over €82,500.
In Cork City, prices in the first three months of 2018 were 2% higher than a year previously, compared to a rise of 11% seen a year ago. The average house price is now €261,000, 59% above its lowest point. In the rest of Cork, prices in the first three months of 2018 were 9% higher than a year previously, compared to a rise of 9% seen a year ago. The average house price is now €213,000, 49% above its lowest point.
In Dublin, prices rose by 2.3% in the first quarter of the year. This means that the average price in the capital is now €145,000 higher than five years previously. In Galway, prices rose only marginally in the first three months of 2018 (by 0.1%) but are now 70% higher than their 2013 lows. In Limerick and Waterford cities, prices rose by 2.1% and 2.4% respectively in the first three months of the year. Outside the main cities, prices rose by 3% in the same period, with the largest increases in Munster, outside the cities.
The number of properties available to buy on the market nationwide continues to fall. There were just over 20,000 properties on the market in March. A significant increase in Dublin listings – up from 2,700 a year ago to 3,500 now, largely offset a fall in availability elsewhere. The number of properties on the market outside Dublin is now at 16,800, down 1,000 on a year ago and the lowest on record, for a series starting in January 2007.
Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said: “The picture of the housing market in Ireland currently remains one of strong demand and very tight supply pushing up prices. There are some elements for cautious optimism, including an increase in transaction volumes countrywide and in stock on the market in Dublin. Nonetheless, during a five-year period when consumer prices did not change, housing prices rose by 50%. This is an indication of how inadequate housing supply is.”
Martin Clancy from Daft.ie said: “Interest and activity amongst property hunters remains very high. At the moment, we are seeing on average over 1,000 property searches taking place every minute on Daft.ie”.
Average list price and year-on-year change – major cities, Q1 2018
· Dublin City: €368,356 – up 8.4%
· Cork City: €261,494 – up 1.7%
· Galway City: €273,466 – up 3.1%
· Limerick City: €180,670 – up 3.7%
· Waterford City: €164,930 – up 7.5%