Dublin house prices surge €155,000 since their lowest point, report shows

The rate of house price increases is slowing down, according to the latest report from Daft.ie.

It shows the cost of a house rose by 5.6% in the year to June.

That represents the lowest rate of inflation in almost four years.

House prices nationally rose by 2.7% during the second quarter of 2018, while in Dublin, prices rose by 1.8% between March and June, meaning that the average price in the capital is now almost €155,000 higher than five years previously.

Author of the Daft.ie house price report, Ronan Lyons, says the change is reflected across the country.

"The total number of homes available to buy on the market, excluding Dublin, reached a low of 16,800 in March this year – down from a high of almost 57,000 in mid-2009," he said.

"There has been a jump in availability in the last three months, 16,800 to 18,800. But it is too early to tell if that is just seasonal or the start of a trend.

"For Dublin, though, the increase in availability matches the increase in construction activity. Newly available – and accurate – housing completion figures show that 15,200 homes were finished in the 12 months to March. This is more than three times the number of homes completed during 2014."

"While this is still well below the 40,000 or so new homes the country needs, that total includes all types of homes – including social and rental. The private sales market is inching closer to producing the number of new homes it needs each year, though, and this is likely to be seen in more moderate price increases in the coming years.

"There are three big picture trends that are expected to define housing demand in Ireland over the course of the 21st century: growth in the population, especially over the age of 50, urbanization and falling household size. All these three point inevitably to a huge need for urban apartments, not houses."

    Average list price and year-on-year change – major cities, Q2 2018
  • Dublin City: €374,885 – up 6.2%
  • Cork City: €273,894 – up 6.9%
  • Galway City: €285,277 – up 6.2%
  • Limerick City: €189,416 – up 6.9%
  • Waterford City: €172,880 – up 8.8%

- Digital Desk

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