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HOUSING PRICES IN the third quarter of 2023 were 1.1% higher than a year ago, according to the latest Daft.ie House Price Report released today.
This comes after the second quarter of the year marked the first time since mid-2020 that asking prices had fallen in year-on-year terms.
The typical listed price nationwide in the third quarter of 2023 was €322,602, up 3.7% on the previous yar and roughly 13% below the Celtic Tiger peak.
The number of homes available to buy nationwide on 1 September stood at just under 12,200. this is down over 20% year-on-year, compared to the almost 15,500 available to buy on the same date a year previously. It also remains well below the 2019 average of 24,200.
The fall in availability, which started in the middle of the year, can be seen in all major regions of the country.
The report noted that trends in house prices differ considerably across the country.
Prices in Dublin in the third quarter of the year were just 1.4% higher than a year ago, the lowest rate of inflation since prices started to rebound in late 2020.
In Dublin City Centre, the average asking price was €372,616, while the average asking price was €403,654 in North Dublin City and €468,106 in South Dublin City.
Similarly, prices in Cork City were just 1.7% higher, year-on-year. The average asking price in Cork City was €337,345.
In Galway, Limerick and Waterford cities, the rate of annual increase was higher, at between 3.9% and 4.7%.
The average asking price in Galway City was €367,283, while in Limerick City it was €262,499 and in Waterford City it was €238,595.
Outside the main cities, inflation was typically greater, with year-on-year increases of 4% in Leinster, almost 6% in Munster and just over 8% in Connacht-Ulster.
Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said that “the availability of homes is down over 20% year-on-year, at levels of availability only previously seen during the pandemic”.
“While the flow of properties coming on to the market has fallen, it is down only slightly comparing the last year with the previous 12 month period. With supply only down slightly but availability down a lot, demand is holding up far better than might have been expected given the rise in interest rates,” Lyons said.
He said that the second-hand sales market “remains very tight”.
“This came about originally because of the pandemic but the market has never fully recovered. With interest rates outside of the control of local policymakers, the other solution is to continue to increase the rate of completions.”
Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.
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So to get the money moving ffg came up with the idea of loaning mony to big developers to build and then creating a way a tiny amount of individuals could buy whatever was built at no expense , then ffg would rent back what they paid for in the first place. Corruption 101
Inflation rising again. Your savings are being eroded day by day.
What will you do with your cash?
What are you talking about? 1.1% is far, far below the current headline rate of inflation.
Crazy that there still 13% below Celtic Tiger levels..how did they afford them bk then
@Dan Danny:
100% tracker mortgages
@Dan Danny: because all you had to do was tell the bank you could afford it and that was enough for them.
@Martin Mongan: thankfully not anymore
@Dan Danny: the cost of living back then was nowhere near what it is now
@Martin Mongan: Not quite, but close. We got our mortgage in 2008. Have had no issue making the repayments every month since then. On our wages now (much more than in 2008) we wouldn’t be approved for the mortgage we got in 2008.
So house prices have actually fallen
Normally an article like this would get a lot more comments…it’s very telling there’s so few comments…people are just sick to the back teeth of all & can’t see anything changing…unless it’s for the worst.
I may be wrong!
Good time to buy.
@brian o’leary: Better time to sell. In the village where I live a new housing estate opened up in April 2022. House prices ranged from 330k to 380k. One went up on sale recently for 520k and was sold within a week.
@: and wait for the looming crash to buy back in? yeah dream on ….
@Temp Stuff: You could be in for a surprise. If the hole falls out of the market there’ll be people who waited patiently ready to pounce. Saw it in the last recession.
What if it just stabilises for a while and then goes up again. Currently housing is going up less than inflation so effectively this is a falling market. I would be surprised if we saw another one in a lifetime bottom falling out of the market like 2008-2011, but I suppose you never know, there are no crystal balls.
For the hole to fall out you’d need a much larger supply. Doesn’t look like it’s going to happen soon. “Supply and demand” is the main driver of prices now, and there’s still much more demand than there is supply
@: in debt forever. What a life!
Ireland. The new Switzerland without decent public transport or anything that makes your life easier.
It’s like an expensive 3rd world country sometimes.
Pretty cheap compared to most other western countries
@Gregory Daniel: rubbish
Looks like FF and FG are sunk at the next election. In truth it’s no more than they deserve with a plain refusal to do anything other than inflate the housing market.
Total mortgage approvals are down 18% YOY. Leading indicator for house price falls.
have your say