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THE AVERAGE HOUSE price rose by 7.6% in the year to March 2021, according to the latest Daft.ie House Price Report.
The average price during January, February and March of 2020 was €256,000 – this has increased to €275,751 this quarter, a rise of almost €20,000.
This marks the second quarter in a row where prices are nearly 8% higher than a year previously, roughly twice the rate of inflation seen during 2018 and 2019.
The average house sale price nationwide in the first quarter of 2021 was up 68% from the lowest point in early 2013 – but still below the Celtic Tiger peak.
In Dublin, prices rose by 6.9% in the year to March 2021, but the largest increases were seen in the counties surrounding Dublin and in the other cities.
In Cork, Galway, Limerick and Waterford cities, listed prices were between 11% and 12% higher in the first quarter of 2021 than a year previously, while in Leinster (outside Dublin), they were 12.4% higher on average.
Conversely, in Munster, Connacht and Ulster (outside the city areas), there was a more muted price growth – with annual increases of close to 4% in Munster and the three Ulster counties and just 1% in Connacht.
Average list price and year-on-year change to Q1 2021:
The total number of properties available to buy on 1 March was just under 12,000, the lowest figure recorded since the rise of advertising properties for sale online.
This represents a year-on-year fall of 40% nationwide, although the stock available for sale in Dublin has fallen by less than the national average, while stock for sale in Leinster (outside the capital) is down by nearly one half.
Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said: “The figures in this latest Daft.ie report confirm that the impact of Covid-19 on the sale market was a massive shock to supply, with seemingly far less impact on demand.
The total number of homes listed for sale in the twelve months to February nationwide was just 45,700, down a third on the previous 12-month period. This sudden collapse in supply – at a time when demand has held up remarkably well – has converted into sharp upward pressure on prices.
“It highlights the importance of supply in determining market outcomes and is a reminder that, even when the pandemic subsides, the need for a substantial volume of new homes to be built each year will remain.”
Reaction
Pat Davitt, IPAV Chief Executive said many agents are not listing new properties to the market on property portals because of the severity of the Covid-19 restrictions on showing properties.
“We have sought an easement from the Government on one aspect – to allow agents to show properties, under strict health and safety protocols of course, to potential buyers who can confirm they have the necessary funds in place to purchase,” he said.
He said auctioneers throughout the country are seeing extremely strong demand for homes that they are unable to satisfy.
IPAV’s own Residential Property Price Barometer, which charts actual prices achieved by auctioneers, rather than asking prices, found price increases for the latter half of 2020 over the first six months of the year in the vast majority of the country, with the largest increases taking place in four-bedroom homes.
“The housing market is like any other market, it’s driven by supply and demand. Builders must get back, safely, to building more homes.”
The full Daft.ie report can be found here.
Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.
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The Mosque incident in Dublin has managed for the most part to have stayed out of mainstream media.
There’s trouble brewing from within paradise.
@Maurice: If it was a Catholic organisation it would be given 160 legs. (€). They have magnified bad behaviour by 2% of sick evil men to damage 100% of Catholic clergy. They are scared to deal with Muslims.
@Maurice: I heard about it all on national broadcasting media. Seems mainstream to me. I wouldn’t view the internal issues of the Islamic Cultural Centre necessarily mainstream or broad-reaching anyway.
@Maurice: I hear Clonskeagh mosque has closed ties to the Muslim Brotherhood. A designated terrorist organisation
@Pelagius Asturias: *close
@Pelagius Asturias: You heard correctly!
Why is Palestine now not covered people are still being slaughtered.
And burning down of churches in Ireland over the past week.
@Be Lucky: One article about two nuclear armed neighbours with a long history of deep animosity (possibly posturing for war), and you’re here whingeing about palestine and churches. One article. Ffs.
@Be Lucky: always the same field, always the same seed. Antisemitism and hatred. Not all of Ireland needs to plant the same seed.
@Be Lucky: To hell with the Palestinian and Israeli hate fest, They’re as bad as each other. Why don’t ye head on over there and do something about it.
Muslims, nothing but trouble
@Pete Hickey: Spent this week’s disability benefit on fags and cans already, have we? Get a life. And a job.
@Pete Hickey: Zoom out. People avoiding logic and reason. You know it well. Many here do.
@Pete Hickey: Bigots also.
@Jack Hayes: Durka Durka Muhammad Jihad
@Wendy Arbour aka Luas Vuitton – Dub Drag Queen: How much do drag queens earn? Are you coming to grips with the truth that you’re really a man not a woman! Common sense has prevailed.
@Wendy Arbour aka Luas Vuitton – Dub Drag Queen: Get to grips with the fact you’re a man not a woman (reality).
I wonder how many new Irish will be arguing with other over this
@Tom L: you don’t know any Irish people, do you?
@Wendy Arbour aka Luas Vuitton – Dub Drag Queen: No such thing anymore, they’re Wokies now and you are the spokesman eh
@Tom L: ‘Wokies’. LOL What a developmentally stunted human you are.
@Tom L: Rather be woke than be a fascist
Muslims a great bunch of lads
Two nuclear powers falling out with each other, what could possibly go wrong?
Vance and his missus will sort that out.
You know what. Keep your sordid little wars over there in Asia and eastern Europe and the middle east and don’t involve any of the rest of us peace loving people in them. I for one am sick of it all. War is hell.
@Eamon: the irony of a Leeds fan talking about peace
We’re “going of the rails on a crazy train”
Pakistan is a rogue nation that should never have been created.
Everyone get their KI tablets ready.
Well im up for India..Pakkkkkis are dirt..
@Pol O Nuanain: We have both in Ireland. They are well used to poverty, mayhem and overpopulation. Something that will slowly but surely make its way into Irish society.
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