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THE NUMBER OF houses on the market in Dublin is starting to increase, although the number nationally remains stagnant, according to a new report.
And while prices are still rising, the rate is starting to slow.
The latest figures from MyHome.ie put the median asking prices for new sales outside of Dublin at €210,000, while in the capital it stands at €345,000.
But while this is still significantly higher in Dublin, prices increased 3.3% there in Q1, compared to a national average of 4.4%.
The rate of inflation is still a cause of concern for new buyers, the company says.
“Inflation in Dublin is now 8.2%, down from just over 11% in Q4 2017. The tightening of the Central Bank mortgage lending rules coupled with stretched affordability was always likely to be first felt in Dublin,” chief economist at Davy and author of the report, Conall MacCoille said in a statement.
The cooling off is already evident in more expensive areas and property types. The median asking price in Dublin South City was flat year on year at €275,000 but was up 12.8% in Dublin North City to €225,000. The median one-bedroom apartment price in Dublin increased by 13% over the past 12 months to €190,000; in contrast four-bedroom detached house prices have been flat at €650,000.
MacCoille also noted that an uptick in supply is starting to be experienced in Dublin, although the situation remains the same elsewhere:
The other key trend we are seeing is that house supply is finally picking up. Although the number of properties listed nationally on MyHome.ie is largely unchanged at 18,800 the number of properties in Dublin is 3,900, up 20% on last year.
He said one notable trend outside of Dublin is an increase in the number of new developments, with the number in Cork stands at 64, a more than 50% increase on mid-2017.
A similar report released at the weekend by Daft.ie found that the average price of a house in Ireland is more than 7% higher than this time last year and more than 50% higher than five years ago.
Prices in Dublin rose more that 8% last quarter, it said. The average house price in the capital now stands at €368,356, an increase of €145,000 on their lowest point in 2013.
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For those younger people on modest and medium incomes, most of their real income is now absorbed by either excessive mortgage repayments or by exorbitant rents.
Housing is a speculative commodity.
€50,000 the average price of a house in Laois?! Mistake surely!
@Dec: yeah, must be 150k
@Dec: same with roscommon, you won’t get a 3 bed semi for 75k!
Pretty awful report, average house in Laois €50k, westmeath reduced by 48% , of course these absurd and less than objective reports from vested interests, namely myhome, daft etc have to be taken with a grain of salt, a bit like the AA saying insurance premiums down, farcical stuff
@Joseph Dempsey: The data sets are just too small for real comparison. There are probably only 7 or 8 counties where the number of houses sold is high enough that quarterly figures are meaningful. Otherwise they can just be skewed by a single really expensive property being sold or a cluster of houses that had been unoccupied since 2007 finally hitting the market.
Then there is the problem of some counties being so geographically large that the average and the movements mean nothing. In Cork, the property market in Milford or Rockchapel is very different from Blackrock or Rochestown.
@Chris Mansfield: The median figure is less likely to be skewed than the average figure by expensive outlier properties.
@Sean: True. But the numbers are still too small and the median could be even more impacted by a recently finished estate coming onto the market.
The last CSO figures for semi-detached houses in Leitrim say there were 1,901 of them. How many changed hands? We don’t know, but assuming houses change hands every 12 years (this is the figure for both the US and UK, I can’t find one for Ireland), that is 39 houses a quarter. In truth, Q1 is a quiet quarter for housingsales, so it is likely lower.
And then we are dealing with asking prices rather than sales prices…
The semi-detached isn’t really the right house type to compare for most of the country. In Dublin and Cork cities, the most common type is terraced. In the suburban local authorities in Dublin, plus the cities of Limerick, Galway and Waterford it is semi-detached. Everywhere else it is detached.
Population density, focusing on one of the smallest counties all the time kinda has this effect.
Wintry weather in Westmeath recently has managed to ‘cool off’ the house prices… by 48%! Great value now..
So where are the houses coming from? There isn’t much being built so are these an increase of second hand houses being sold?
Micheal better pull the plug soon, it looks as though the government is making progress.
have your say