AVERAGE HOUSE PRICES rose by over 4% in Dublin in the first three months of the year, with national prices jumping by just under 3%, a new report shows.

The latest quarterly Daft House Price report for the first three months of the year shows that house prices continue to rise across the country, but at a slower rate than the same quarter last year.

The national average price in the first quarter of the year was €261,000, up 5.9% on the same time last year. It is the 22nd consecutive quarter that has seen a rise in house prices. 

In Dublin, the average house price is now €383,000, 74% above its lowest point (reached in the second quarter of 2012). 

In Cork and Galway, house prices rose by 2.5% and 3.4% respectively. In Limerick, prices rose by 3.6% on average, while outside cities prices rose by 2.5%. 

The number of properties available to buy on the market across the country was just over 22,500 in March, up 11% year-on-year.

“On the face of it, the signals from the market in early 2019 appear to be largely unchanged from recent years, with prices rising in all 54 markets (25 parts of Dublin, the four other cities and remaining 25 counties) in the first three months of the year,” Daft economist Ronan Lyons said. 

“However, in many markets, this may be just a rebound following falls in late 2018, driven in large part by the calendar-year basis of exemptions under Central Bank rules.

The Dublin market shows a big improvement in availability and a cooling off in inflation. With completions set to increase in coming quarters, a period of much more moderate inflation – at least in Dublin – appears likely.

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