Average house price in Dublin at €375k, report shows

The average house price in the capital is €374,885, while Galway, at €285,277, maintains its position as the second most expensive city.

Prices jumped 6.2% in both cities in the past year, according a new report from Daft.ie

Cork City and Limerick City saw a 6.9% hike, with average house prices at €273,894 and €189,416 respectively.

The biggest jump among the major cities was in Waterford, where prices rose 8.8% to €172,880.

In Munster’s three cities, where half of all properties find a buyer within four months, prices rose by almost 5% between March and June, the largest increases since mid-2016.

The increase in prices has been smallest in Donegal, just 5% in two years.

Ronan Lyons, Trinity College Dublin economist and author of the report said the spectre of Brexit, and its effect on the North and the border counties, “continues to kill confidence in much of the market” in Donegal.

Meanwhile, an analysis of house sales for the second quarter of 2018 shows the number of properties available to buy nationwide has risen in recent months.

In May, there were just over 23,500 properties for sale nationally, 5% higher than a year previously.

In Dublin, almost 4,800 properties were available to buy in June, up by nearly 50%.

“There are signs — in particular from the Dublin market — that new supply is having an effect, with increased availability on the market and a slowdown in inflation,” said Mr Lyons.

“Scratch a little bit beneath the surface and there are hints that the picture is slowly changing.

Compared to a year ago, prices are just 5.6% higher... the lowest rate of inflation we’ve seen nationally in over four years.

Nonetheless, no-one expected prices to fall off a cliff as in 2008, “because Central Bank rules have dramatically reduced the potential impact of the most volatile parts of the house price equation”.

However, Mr Lyons said another quarter of rising prices is to be expected.

The quick turnover in house sales in Dublin has slowed slightly, with the fraction of properties finding a buyer within two months down to 37% versus 50% a year ago.

Average asking prices nationwide show that the price of a 3-bed semi-D was cheapest in Leitrim and Roscommon at €88,000 for the second quarter of 2018, and, excluding the major cities, most expensive in Wicklow at €256,000.

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