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LIMERICK HAD THE biggest jump in house prices of any Irish city over the past three months as the property market outside the capital continued to play catch-up.
Average prices in Limerick city went up 5.1% between March and June, while in Cork city they increased 4.4% and in Galway city they rose 3.8%.
The significant growth compared to an across-the-board rise of only 0.6% in Dublin and an increase of 2.8% outside the major cities.
The latest house price report from Daft.ie also showed house prices either held steady or fell across Dublin, particularly in the most-expensive markets in the city’s south, since the Central Bank brought in new lending caps from February.
Instead buyers continued to be pushed into the commuter counties, some of which have experienced price rises of over 20% in the past year.
The report’s author, economist Ronan Lyons, told TheJournal.ie the property market had “flipped around” from the previous trend of big increases in Dublin while other regions stagnated.
When you look at Munster and Connacht and Ulster, prices there are now going up quite a bit, whereas they would have been static even into this time last year,” he said.
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Dublin city centre, average asking price: €249,337
Year-on-year change: +12.3%
Cork city, average: €210,966
Change: 18.9%
Galway city, average: €207,697
Change: 17.2%
Limerick city, average: €135,593
Change: 11.4%
Waterford city, average: €118,234
Change: 9.3%
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Nationally, the average asking price was €202,000 – up 23% from the low point in mid-2013, but still 45% below the peak of 2007.
House price figures out from the CSO for May, which are based on sales backed by mortgages but exclude cash deals, showed average property costs in Dublin fell over the month while prices outside the capital went up 1.1%.
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Lyons said over the last three months a lot of heat had been taken out of the market as the number of buyers who got mortgage approval before the Central Bank rules came in dwindled.
He said the lending restrictions were “the foundation of a good housing market policy”, although they didn’t answer the underlying problem of a lack of supply that continued to put pressure on prices in key regions.
In this video, Lyons further explains the most recent trends in the Irish property market.
Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.
journal/ daft.ie pushes house increase story again… hardly news #selfserving
Aren’t Daft and Journal the same company? Seems they have the RTE disease – keep talking about themselves. Apart from this basis of this story is flawed. Only including transactions that had a mortgage is skewing the data set.
Asking prices are not the same as actual selling prices, so lets see some reality in carrying a story like this.
When we can see the actual numbers of houses sold and the prices they are fetching we can start to see where the property market is going.
Oh Ireland, have you learned nothing?
A rise of ONLY 0.6% in a month?? This is why we will never have a normal housing market.
A quarter. Translates into annual growth of only 2.4%. Which is quite slow compare to 20% growth recently.
U mean the market is finally starting to simmer after rising faster globally than anywhere else last year.
I was reading yesterday that the market is falling a bit, particularly in Dublin.
Which is it???
They are going up. You must buy now. You must go through Daft.ie for the best deals on the market. Don’t wait, buy now. Sell a kidney if you have to.
This is the kind of spin that the government needs to generate to justify increases in property tax.
It’d be nice to have a few reports on asking prices versus sold prices.
There are definitely some crazy asking prices out there!
My mistake … the report does mention transaction price, but not in detail.
http://www.daft.ie/report/q2-2015-daft-house-price-report.pdf
You should read the story first.
Listen there is plenty money in this country. .
the Sindo will be struggling with this news
quick everybody go out and buy a house now. sur I heard this time next year a 3 bed house in Longford will cost 700k. you would be mad not to buy now. buy buy buy now before it’s to late.
The main driving force at the moment is coming from people who got mortgage approval 4-5 months ago under the old deposit requirements. These approvals are about to expire leading to a rush of people looking to close deals.
There’s a backlog in the banks at the moment trying to cope with the volumes. Expect a spike next month followed by a prolonged slump.
There is a God !! Sell Sell Sell
It’s sf fault
Just watch out for that bloody tiger!
South County Dublin? Sure that’s a kip.
Paying more to have a longer commute. That doesn’t make any sense.
These are growth rates, not absolutes. It’s a lot cheaper to buy a house with a longer commute.
Properties in South County are more expensive than in city centre.
I’d rather live in the centre and walk to work than spend 2 hours each day commuting.
That’s hardly like for like. How many 3 bed houses with a garden will you find in the city centre?
Sure people don’t think it through they just want to buy because Jason and Orla at work just bought something.
People go to college, get a degree, and then proceed to stop thinking.
“The definition of stupidity is doing the same thing over and over again and expecting different results.”
Albert Einstein
Cork city is a total Dump and it smells bad too……
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