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Dublin: 6 °C Friday 19 December, 2014

Daft report: More houses coming onto market, Dublin prices up by 21 per cent

There were also price rises in Cork and Galway, but decreases in Limerick and Waterford cities.

Image: Eamonn Farrell/Photocall Ireland

THE LATEST QUARTERLY report from property website Daft.ie shows a that more houses have come onto the market for sale in the past three months than in any previous quarter since 2008.

Almost 15,000 properties came to market between April and June this year.

House prices in Dublin have risen 21 per cent in the past 12 months — with the surrounding counties of Meath, Kildare, Wicklow and Louth also experiencing annual price increases of between 6 per cent and 13 per cent.

There were also rises in other cities — with Cork and Galway up 2 per cent and 5 per cent respectively. In Limerick, however, prices were down by 9 per cent, while Waterford city experienced a decrease of 4 per cent.

The national average asking price rose 9 per cent from the same period last year.

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Dublin trends 

The average asking price in Dublin rose by 8.6 per cent  between April and June 2014 — the largest three month increase since the same period in 2006.

Compared to the trough of the market in 2012, prices has risen by at least a quarter in most parts of the city, and by 40 per cent in South County Dublin.

The total number of properties available increased in the second quarter, with more than 3,500 new properties coming on to the market – compared to 2,600 in the same period last year.

Rest of Leinster trends

Asking prices in Leinster counties outside of Dublin were up 6.2 per cent between April and June, with all three regions monitored — the commuter belt, Midlands counties and the South East — all experiencing increases.

More than 4,000 new properties came on to the Leinster market between April and June,
the highest three-month total since the same period in 2009.

Munster trends 

Most parts of Munster saw modest increases in asking prices for the second quarter in a row. However, there were decreases in Limerick and Waterford.

Over 3,000 properties were listed for sale in Munster between April and June — also the highest total since 2009.

Connacht & Ulster trends

Asking prices rose in almost all parts of Connacht and Ulster. The strongest gains in asking prices over the last six months in the region were in Leitrim, where prices have risen by almost 10 per cent.

Unlike other parts of the country, the total number of properties sitting on the market
continues to fall in Connacht and Ulster, from 10,000 in March to 9,400 in June.

Turning tide? 

Daft.ie economist Ronan Lyons said the overall trends showed the situation may be changing slowly in the country’s ‘illiquid’ housing market, where the lack of available homes has been a problem in recent years.

“The evidence from the period between April and June is that the tide may be turning,” Lyons said.

“More than 6,000 Dublin homes were listed during the second quarter, the largest number since early 2008. As a result, the total stock sitting on the market rose in Dublin from less than 2,300 in March to more than 2,800 in June.

“Further increases in supply will be needed, though, to work through the backlog in pent-up demand from the years of the crash.”

Note: Daft.ie is part of the Distilled Media group. Journal Media Ltd has shareholders – Brian and Eamonn Fallon – in common with Distilled Media Group.

Read: Asking prices up nationally for first time since peak of property boom

Read: Why is this house so expensive?

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