HOUSE PRICES SOAR BY 6.6% IN PAST YEAR
Average cost €257k as rise in Dublin falls
HOUSE prices rose nationally by 6.6% compared to the same period a year ago, it has been revealed.
The average value between June and September was €257,000.
Compared to their lowest point in 2013, prices nationwide have risen by an average of 56% or just over €92,000.
And they rose 1.3% between the second and third quarter this year, as shown in a report from Daft.ie.
In Dublin, prices rose by 0.2% between June and September, the smallest three-month gain since 2016.
This was also seen in Galway (1.1%) and Limerick (1.0%), and largely stable prices in Waterford (0.2% rise) and Cork city (0.1% fall). Outside the main cities, prices rose by 2.2%.
Ronan Lyons, economist at Trinity College Dublin and author of the report, said: “Commentary on the housing market often questions the degree to which the laws of supply and demand apply to it. Nonetheless, just as the huge increase in supply in the mid2000s pushed down prices once easy credit stopped, the more proportionate increase in construction in recent quarters is having an effect. “With availability in and around Dublin in particular improving, we should expect to see more muted inflation in the housing market in the coming quarters.” The report noted there were almost 25,000 properties for sale nationwide in
September, around 1,000 than in 2017. Mr Lyons said: “The increase in availability is almost entirely driven by Dublin, where stock on the market has improved 40% year-on-year. “The rest of Leinster has also seen stock increase (by 7%), while Munster and Connacht-ulster continue to see availability shrink.” Martin Clancy from Daft.ie said: “House prices are still increasing but the rate of increases, especially in Dublin, has slowed down considerably due to a 40% increase in the housing stock on the Dublin market.”
40%higher Year-on-year increase in housing stock that is available in Dublin