House prices barely rise with Dublin values falling

House prices barely rise with Dublin values falling

House prices across the country have barely risen at all, according to the latest Daft.ie Sales Report.

The report says that prices are only 0.1% higher in the third quarter than last year

In Dublin, prices are negative, with average costs in the capital 0.6% lower than a year previously.

The average house price there is now €374,000, 24% below peak levels.

In other cities, prices are still on the rise with year-on-year increases of just below 3% in Cork and Galway and around 5% in Limerick and Waterford.

    Average house price and year-on-year change – major cities, 2019 Q3

  • Dublin City: €373,509 – down 0.6%
  • Cork City: €281,251 – up 2.8%
  • Galway City: €296,610 – up 2.9%
  • Limerick City: €201,865 – up 5.5%
  • Waterford City: €181,395 – up 4.7%

In rural areas, Munster is the only province wherre prices are on the up, 2.5%, whereas prices are falling in Leinster (-1%) and Connacht-Ulster (-0.6%).

Daft.ie Report Author, Ronan Lyons said the price falls are down to supply of houses rising.

He said: “There is likely to be intense debate as to whether the falls are caused by weakening demand, in particular, due to Brexit, or strengthening supply.

"Price falls are concentrated in the Greater Dublin Area and, within that, in the most expensive markets. These are the areas least exposed to Brexit and where new supply has been concentrated.

"Therefore, it’s likely that cooling inflation is a good news story of supply doing its job, rather than a bad news story related to Brexit – at least for the moment.

"With prices also falling in some areas most exposed to Brexit, in particular Border regions, a disorderly Brexit could change this story in months to come.”

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