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House prices continue to fall across the country, according to new report

Some parts of the country, including Sligo and Meath, have continued to see price inflation.

THE COST OF buying a new home in Ireland has fallen by 1.2% in the past year, the first year-on-year price drop in seven years, according to a report from property site Daft.ie. 

A small number of areas – including Meath and Sligo – have continued to see price inflation but the majority of the country has experienced a decline in the asking price of properties over the past 12 months. 

The average price of a listed property on Daft.ie for quarter 4 of 2019 is now €250,766 – 1.2% lower than the same period in 2018. 

It also marks a 2.4% fall in prices compared to the previous quarter of this year. 

In Dublin, prices fell by 1.2% overall but some parts experienced steeper declines dropping by 4.1% in the South County region and by 2.7% in the city centre. The average price for the Dublin region varies from €298,939 in the west of the county, to €566,776 in southern parts. 

Galway city remained unchanged with the average price sitting at €290,000 but as a county overall, the prices have dropped by 1.1% to €195,668. 

print-maps-q4-2018 Daft.ie Daft.ie

Prices in Cork city increased by just under 1% but the county average fell by the same amount. 

Limerick city property prices increased by 2.9% while the county average fell by more than 3.5%. In Waterford city, property prices increased by 3.3% while the county average went up by 2.4%. 

Ronan Lyons, economist at Trinity College Dublin and author of the report said the fall in property prices will benefit Ireland’s competitiveness. 

“In the first and final quarters of the 2010s, sale prices were falling – but that is where the similarities end,” he said of the changing in Ireland’s property market over the past decade. 

“Over the last ten years, the sales segment of Ireland’s housing market has transformed, albeit slowly. As it enters the 2020s, there appears to be relatively good balance between the pipeline of newly built owner-occupied housing and the number of households able to buy that housing.

“Where falling prices represent the ability of developers to build new homes for less, this fall is good for the country’s competitiveness.”

The number of properties available to buy on the market nationwide was just under 22,500 in December, which is down 5% on the same month last year. It marks the fourth consecutive month where the number of properties has fallen. 

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

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14 Comments
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    Mute roberto Mankini
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    Dec 30th 2019, 7:44 AM

    Great news – stability as a result of central bank consistency at last…maybe some day house prices won’t be everyday news and property porn will die.

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    Mute Goban Saor
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    Dec 30th 2019, 7:52 AM

    @roberto Mankini: yes. The Central Bank limits have been hugely beneficial. Unless you’re a seller. Amazing how some buyers are too thick to realise it’s helping them

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    Mute thomas patrick
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    Dec 30th 2019, 8:14 AM

    @Goban Saor: I own a house, and am trying to sell, while also buying another one. I can tell you that they dont help me

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    Mute Goban Saor
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    Dec 30th 2019, 7:04 AM

    Hopefully this will accelerate as people holding off putting properties on the market decide it’s a good time to sell. I say this as a houseowner.

    There are far too many underutilized properties also. The older generation have benefitted from house price inflation and at the same time enjoy pensions (paid by current tax payers) that won’t be available in 20 years time.

    A property tax linked to size that can be offset for children would be fairer than the current system but the socialists will never agree.

    Income Tax is too easily avoided, even Tony Soprano pays his property tax. In Ireland people think it’s an additional tax, it should be instead of Income Tax.

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    Mute Aidan murphy
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    Dec 31st 2019, 3:08 AM

    @Goban Saor: The old people are to blame for everything. Bad parenting, high property prices, high taxes. Who are you going to blame when we die off.

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    Mute Aidan murphy
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    Dec 31st 2019, 3:11 AM

    @Goban Saor: @Goban Saor: The old people are to blame for everything. Bad parenting, high property prices, high taxes. Who are you going to blame when we die off.

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    Mute Rathminder
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    Dec 30th 2019, 7:31 AM

    Can’t wait to see my rent decrease- hahahahaha.

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    Mute thomas patrick
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    Dec 30th 2019, 8:13 AM

    @Rathminder: rent isn’t directly impacted by the price of a house

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    Mute Keith ☘️
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    Dec 30th 2019, 8:16 AM

    @Rathminder: buy a house. Prices are rock bottom

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    Mute ObsidianShine
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    Dec 30th 2019, 12:11 PM

    @Keith ☘️: I’m sure he would, if he could afford to save the deposit for a mortgage after the exorbitant cost of the rent he’s paying!

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    Mute dick dastardly
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    Dec 30th 2019, 9:39 AM

    Any daft.ie article that’s released has 5 cities of Ireland in it,yet the journal and it’s ignorance never mention Waterford city in its reports!!

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    Mute Dr. Udaya Khandavilli
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    Dec 31st 2019, 9:07 AM

    It is expected that the house prices see downfall in the new year!

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    Mute Stan
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    Jan 1st 2020, 6:22 PM

    Thomas Jefferson “If the … people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered…. I believe that banking institutions are more dangerous to our liberties than standing armies…. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”

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