House prices up by an average of 50% in the last five years

A new Daft.ie report show supply to the market continues to drop

House prices up by an average of 50% in the last five years

Average house prices and percentage increases in Q1 of 2018 | Image: Daft.ie

House prices nationally have risen by 2.5% during the first three months of 2018.

That is according to the latest House Price Report released today by 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 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 Cork and Galway cities, prices rose only marginally in the first three months of 2018 - by 0.3% and 0.1% respectively - but are now 59% and 70% higher than their 2013 lows.

In Limerick and Waterford cities, prices rose by 2.1% and 2.4% in the first three months of the year.

While outside the main cities, prices rose by 3% in the same period - with the largest increases in Munster outside the cities.

Source: Daft.ie

Available properties

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 - with a significant increase in Dublin listings, up from 2,700 a year ago to 3,500 now.

Daft.ie says this is 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.

Source: Daft.ie

Commenting on the figures Ronan Lyons, 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%.

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%
Average house prices and percentage increases in Q1 of 2018 | Source: Daft.ie