House prices continue to rise

The average price of a second-hand property in Ireland rose by 7.6% during the opening quarter of 2006, Sherry FitzGerald estate agents said today.

This follows growth of 17.3% during 2005.

The pace of inflation in the Dublin second hand market however was notably stronger at 11.2% for the first quarter, bringing the rate of increase to 30.5% for the twelve months to March 2006. This compared to a national average growth rate of 23.3% during 2005.

Meanwhile, the pace of growth in Cork was more in line with the national average coming in at 5.2% for the quarter.

Commenting on the results Marian Finnegan, chief economist, Sherry FitzGerald Group said: “After the exceptional performance during 2005, early indications suggest that 2006 will be a very strong year for the Irish property market.”