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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