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Sam Boal/RollingNews.ie

The average asking price for a house in Dublin city is now €314,311

And prices are rising across the country.

IN NEWS THAT will surprise absolutely nobody who is house-hunting, house prices continue to rise.

Both the Daft.ie and MyHome.ie reports published this morning show that the divide between Dublin and the rest of Ireland persists, but that the prices are only going one way.

In the capital, prices are up 1.1% in the last year, compared to a rise of 10.2% on average outside Dublin. Compared to three months ago, there has been a slight uptick in inflation outside the capital. On the whole, prices across the country rose 6.3%.

The national average asking price in the second quarter of 2016 was €215,000, compared to €202,000 a year ago and €164,000 at its lowest point. In Dublin, prices have risen by an average of €94,000 – or 42% – from their lowest point in mid-2012. The average asking price for a house in Dublin city is now €314,311.

Outside the capital, the average increase has been €43,300, or 32%, since the end of 2013.

While prices are stable in Dublin, they continue to increase strongly in other cities. Compared to the same period in 2015, prices in the second quarter of 2016 were 11.2% higher in Cork and 14% higher in Galway. In Limerick city, the increase was 15.2%, while in Waterford prices rose by 17.4% in 12 months.

PastedImage-34813 Daft.ie Daft.ie

Inflation outside the cities varies from 9% in Munster to 12% in Connacht-Ulster.

Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said that the issue remains one of supply and demand.

While supply pressures have eased slightly in the last three months, the overall dynamic in the housing market currently is one of very strong demand pulling up prices. In Mayo and Roscommon, for example, average prices have increased by roughly 10% since the start of the year.

MyHome

3-bed-semi-detached-map MyHome.ie MyHome.ie

In the MyHome.ie report, the price of newly-listed properties rose by 5% nationally.

The mix adjusted asking price for new sales nationally is now €231K, while the corresponding figure for Dublin is €326K – an increase of €11K for both on Q1.

The author of the report, Conall MacCoille, Chief Economist at Davy, said the supply shortage and wage inflation were the key factors underpinning the latest price surge.

The number of homes for sale is down 6.7% on last year to 23,520, which is close to historical lows. Not surprisingly properties are selling increasingly quickly with the average ‘sale agreed’ time falling to just four months, a new low.

Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.

Read: The average graduate starting salary is now €28,000 – but it’s significantly lower in Dublin

Read: Harris to meet HSE over “harrowing” Console audit

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    Mute Dave Walsh
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    Oct 24th 2019, 7:08 AM

    Well paid full-time jobs gone. what’s out is there is mostly short-term or zero hour part time positions. And if you attempt to join a union, your gone.. Not to mention if your older… In a few weeks they people who lost there jobs will be long forgotten by Dublin…

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    Mute Fifty Shades of Sé
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    Oct 24th 2019, 7:03 AM

    Multinationals aren’t the benign overlords of FFG Mythology but relentlessly greedy entities that only care about enriching their own shareholders.

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    Mute Peter Carroll
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    Oct 24th 2019, 7:12 AM

    @Fifty Shades of Sé: The purpose of every business is to create value for a shareholder by delivering value to a customer.

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    Mute Fifty Shades of Sé
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    Oct 24th 2019, 7:36 AM

    @Peter Carroll: Yet we treat them as if their purpose is to improve our domestic economy, structuring our entire tax code in their favour while ordinary Irish workers get constantly shafted.

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    Mute Peter Carroll
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    Oct 24th 2019, 7:44 AM

    @Fifty Shades of Sé: No, that’s our (the State’s) purpose. The multi-nationals come here to take advantage of and benefit from the incentives on offer. Everyone knows that that’s the deal.

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    Mute Fifty Shades of Sé
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    Oct 24th 2019, 7:57 AM

    @Peter Carroll: The state is doing a much better job enriching obscenely wealthy companies than it is taking care of it’s own citizens. The Novartis employees will have to live on €200 a week until they find another job, many of them won’t be able to pay rent or a mortgage, but hey, the hedge fund owners who invest in companies like Novartis might be able to buy more private jets so it’s all good.

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    Mute Dave O'Keeffe
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    Oct 24th 2019, 8:33 AM

    @Fifty Shades of Sé: what do you suggest? The vast majority of businesses are run the same.

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    Mute Peter Carroll
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    Oct 24th 2019, 10:08 AM

    @Fifty Shades of Sé: I am not making a moral point. You can deal with the State through the ballot box, if you can get enough people to agree with you. Ironically, Ireland has one of the worlds largest aircraft leasing businesses!

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    Mute Fred Coloe
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    Oct 24th 2019, 10:14 AM

    @Fifty Shades of Sé: These companies have been employing people for decades allowing said employees to build their own standard of living. Are you serious with your comment? Do you think the workers would have preferred unemployment instead?!

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    Mute Kieran Woods
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    Oct 24th 2019, 3:39 PM

    @Fifty Shades of Sé: Absolute rubbish. Multinational manufacturers are huge net exporters which contribute massively to our economy without which our exchequer would not be able to provide many of its services. They have given hundreds of thousands of well paid jobs which in turn supports local suppliers, contractors and businesses. What should we do, run them away and return to making clay pipes and fiddles and become third world?

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    Mute Richard Mccarthy
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    Oct 24th 2019, 11:23 PM

    @Fifty Shades of Sé: So just what do you suggest is the answer,are you suggesting we force multinationals to keep employing people against their will,they wouldn’t even set up manufactoring plants in this country in the first place, it would be much better if people like you with a huge chip on their shoulder got rid of the victim mentality and done something positive.

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    Mute Michael Patrick Newell
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    Oct 24th 2019, 9:00 AM

    Sadly when a country like ours, who over rely on the mercy of these up and leave at any time multinationals, then you always run the risk of huge job culls at times. However while the government can’t be blamed for this, it is a bit of a stomach churner that these large and very wealthy companies are given special treatment in relation to things like the tax they pay here, while home grown businesses are made to pay higher amounts all because they don’t maybe have the same financial muscle or employee numbers, but will likely last longer and not do a runner when a better opportunity in some other low level country presents itself to move operations there and leave its employees jobless…..

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    Mute Corkonian In Dublin
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    Oct 24th 2019, 11:48 AM

    The sad thing is that by announcing the job losses now to start taking place from April / May next year, actually helps Fine Gael’s election prospects in a Spring 2020 election. If those job loses were announced in April with immediate impact, it would be difficult campaigns for Simon “Get me to a BRXIT or other EU meeting to avoid home trouble” Coveney. Like Michéal “I want all the power, but not during BRXIT” Martin, they have failed the city and county of Cork.
    FFG forget that there are people outside the M50.

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