House prices are continuing to rise, with the average now more than €260,000, up 5.9% on the same time last year.
There has been a slight slowdown in some parts of the country, as additional stock is delivered, but much of this is concentrated in the Dublin region.
As such, sharp increases are continuing in other areas.
In Dublin, prices in the first three months of 2019, at €383,000, were 4% higher than a year previously, according to the Daft.ie house price report.
However, while growth in the capital is lower than the national average, prices are now 74% higher than their lowest point in 2012. This is an average increase of €163,000. In four Dublin postal districts, prices have doubled in that time.
In Cork City, prices in the first three months of 2019 were 8% higher than a year previously, compared to a rise of 2% a year ago. The average house price is now €282,518, 72% above its lowest point.
In the rest of Cork, prices in the first three months of 2019 were 6% higher than a year previously, compared to a rise of 9% a year ago. The average house price is now €227,000, 58% above its lowest point.
Prices are rising strongly in all of Ireland’s cities.
In Waterford, average prices are 10.3% higher than a year ago. In Limerick city, there has been an 11.4% rise, while Galway has increased by 9.9%.
In Tipperary, prices have increased 10.8% to €183,688, while county areas in Limerick have increased more quickly, rising 13.4% in the last year, to €196,456.
The number of properties available to buy on the market nationwide was 22,500 in March, up 11% year-on-year.
This increase is being driven by Dublin, where availability is up 40% year-on-year, and to a lesser extent other urban areas and the rest of the Greater Dublin area.
In Munster, availability is largely unchanged, while in Connacht and Ulster, stock remaining on the market is still falling.
The latest figures emerged just 24 hours before Cabinet will discuss long-awaited reforms to the existing renter protections system, including making it a criminal offence to breach rent pressure zone caps.
Under plans due to be brought to Cabinet by Housing Minister, Eoghan Murphy, tomorrow morning, the Government will be asked to sign off on new rules to further support hundreds of thousands of people struggling to pay for rental accommodation.
The rules are understood to include:
- Plans to make it a criminal offence for landlords to demand rent increases above the existing rent pressure zone limits, which allow increases up to 4% per year;
- Give the Residential Tenancies Board new powers to investigate and prosecute landlords who enforce such increases, without having to wait for a tenant to make a complaint;
- Longer notice periods for people who are asked to leave a property, with some existing notice periods almost doubling;
- To potentially introduce a new rent transparency system, which will make landlords publish their previous rental prices and to show new tenants the price history.