Average price of three-bed home in Dublin falls to €433,000

House prices in Dublin have fallen by an average of €4,500 in the past three months.

Average price of three-bed home in Dublin falls to €433,000

The average price for a three-bed semi-detached house in Dublin is €433,000. a 2.2% decrease on June last year.

According to the REA Average House Price Index, house prices in Dublin have fallen by an average of €4,500 in the past three months.

However, prices in the city are still well above the national average asking price which is €236,028.

The REA survey examined the sale price of second-hand, three-bed homes nationwide up to the end of last week.

Overall, the average house price across the country rose by 1.54% over the past year – a decrease on the 2.96% recorded to March and an indication that the market is continuing to steady.

“Time taken to reach sale agreed in Dublin is now eight weeks in the city and nine weeks in the county – reflecting the impact of new homes developments and the difficulties that people are experiencing in obtaining mortgage approval,” said REA spokesperson Barry McDonald.

“Areas such as South County Dublin have fallen by €6,500 in three months to €419,000, while North County Dublin areas such as Swords, Skerries and Balbriggan have remained static with prices averaging €322,500.

Looming over what has been a vibrant market up to now is Brexit, which has been cited as a factor in the longer decision-making capital and also holiday home locations around the country.

Prices rose by 0.1% in the commuter counties in the last three months, with the average house now selling for €249,167, an annual rise of 1.17%.

The increased availability of new homes has had a suppressing effect on prices in some commuter areas such as Kildare, North Wicklow and Meath.

“Overall, the level of activity has decreased with buyers looking at a larger range of properties, slowing the time taken to sell to 10 weeks in towns such as Navan and Trim,” said Barry McDonald.

Prices in the country’s major cities outside Dublin were relatively static with agents in Galway and Limerick reporting no change due to an increase in supply and new homes developments.

Cork City showed a slight rise of 0.8% to €320,000, while Waterford City reported a quarterly increase of 2.4%, with tightening supply rising prices to €215,000, up €5,000 from the end of March.

The highest annual increases (5.3%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €8,000 in the past year and 1.08% in the past three months to €161,138.

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