Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
THE AVERAGE PRICE of a house in Dublin rose by 2.6% in the second quarter of 2017 according to a new survey.
Meanwhile, three-bed semis in the capital which had taken an average of seven weeks to sell in 2016, are now changing hands inside 21 days.
The data is contained in a new house price survey by REA agents, and shows that the average three-bed semi is now selling for €414,500 in the city, a rise of €10,000 in just the past three months.
Click here to view a larger image
Two-bed semis meanwhile are now selling for €215,000, a similar rise of 2.5% in the second quarter of the year.
House prices in general across the country have increased by 11.2% in the past 12 months - a giant leap from the increase over the 12 months to June 2016 of 4.5%.
Dublin’s commuter counties have seen a bounce in prices after a slower end to 2016 according to the survey, with the average price in Louth, Meath, Kildare, Wicklow, Carlow and Laois now €223,267, a jump of 2.6% in the past three months.
Outside Dublin, REA suggest that new-build properties are beginning to have an impact on the prices of older dwellings.
“Agents have been reporting that where there are new homes available, the price of second-hand properties has been under pressure,” said REA spokesperson Healy Hynes.
Most of our national housing stock is over a decade old, and house purchasers – especially first-time buyers – will opt for new builds at a higher spec, even if there is a marked difference in price.
To embed this post, copy the code below on your site
This is gonna be another Hubba-Bubba moment.
@The Viking: Its the up turn of the property cycle Viking, maybe it’s time you started building your ship back to Scandinavia while you can still afford to.
@Ray Casey: Someday soon Ray. My ship is ready. Still alot of pillaging to do first. Can’t keave it all to the vulture funds..
@The Viking: I hear they are building 3 bed apartments in azerbaijan, going cheap.
If this the cost of an a average house is 430k and the national average wage is 38k…… Something is off.
@Stephen Maher:
The average cost of a house in not 430k
@Stephen Maher: According to the CSO Yearbook Of Ireland 2016, the average wage is €45,075 (higher in Dublin probably). The average cost of a house in IRELAND is not 430k (lower probably).
If I remember correctly, didn’t all this happen before? People are getting ahead of themselves sinking into debt. There needs to be greater restrictions on who can borrow and for how much.
Greater controls and that half the market will help drop prices and hopefully prevent people from getting in over their heads.
@John Fergus: no, there needs to more affordable houses properly built. The tax collected from builders should be directly used to build schools and amenities in the area. I wonder how many property bubbles will we go through till someone cottons on to simple town planning.
@John Fergus: People are losing the run of themselves again and overextending. The same people boasting about their fancy new houses and cars will be the ones blaming the banks, government and everyone else but themselves when it all goes up in flames again.
@The Guru: or desperately trying to get out of unaffordable rental market. You’re laying the blame on people for trying to get their own home.
@John Fergus: It’s cheaper a lot of the time for people to pay a mortgage than rent.
@john Appleseed: Problem: rents are a bit high, I better do something about it. Irish solution: take out a loan for hundreds of thousands, locking yourself into a 30yr contract of unknown cost with little to no future flexibility and calculating the cost vs renting based on interest rates at historic lows. You shouldn’t buy a house because your flawed reasoning tells you it’s cheaper.
@The Guru: yoir making out renting is the better option for people … i rented for 2 years i had a 30% increase in the price in those 2 years i now own my home im saving 700 per month vs my rent so no your the one with flawed logic even with property tax and maintenance im still about 400 a month better off
@The Guru: what would have a young couple looking to start a family do about high rents exactly?
@Is Mise jay: yes you’re better off NOW. Interest rates can and will rise in future. The market is completely messed up at the moment, mostly by design. Best thing would be to lower your costs as much as possible, save and ride it out. Personally I took the emigration option and am saving for the next crash.
When the election is held I will be voting for the party that makes specific commitments to building high volumes of council houses.
The Free Market is a disaster.
@Colin Morris: affordable homes not free ones. Reward workers on any income for working and contributing to the economy.
@john Appleseed: council houses are not free – rent is based on income.
The free market is an absolute disaster.
@Colin Morris:
As opposed to the free market you just want the free. Thats the problem in this country
@Colin Morris: so if you don’t want to work your rent is a pittance. Why work under that model? Why bother?
@Nick Allen: Neo liberal rubbish from the Ireland hating Fine Fail coaltion.
Free housing is not on offer.
The free market has failed in the delivery of affordable housing. The neo-liberal Fine Fail coalition is the free market party..
Do not vote for Fine Fail unless you support unfettered greed and corruption
@Colin Morris: Well that also rules out Fine Gael and Labour and……
@Colin Morris: the slogan Neo Liberal in ireland means ” very conservative”.
Suspect the main contributor to this story REA has a different agenda to push the demand & prices harder, don’t fall for their hype as they line their pockets with extra commission…..
@Geoff Walsh:
Yes it is a clickbait marketing reporting as opposed to giving some real facts. The price of 414 is for Dublin City and not country. This could be simply that they sold a couple of high end 3 bed properties in prime areas for 1m+ which pushed the average price up. Really weak article. I thought journalists were meant to be objective and question data before publishing
Oh hai property bubble. It’s not been that long
@Keith Gregg: It seems to me that you’re the expert, Keith!
It is no surprise that people see this as a bubble. The problem is it shows so much ignorance to think that. There is no excessive building nor easy to get credit. What you are seeing is price rises due to shortage of supply.
There is point at which you can buy and then there is a point you can’t. Past 40 you better have a huge deposit so your mortgage can be less than 25 years.
The fear of another bubble is a huge distortion on the market. Making people hesitate and pushing many to the point of never getting a property.
It would be interesting to see how much the average property sells for against the asking price. back in the boom the average house went for 10% above the asking. I know of a few cases in N. Dublin this year where houses went in excess of 30% above asking. Now that’s effing crazy.
@Stuart Boyle: One huge difference is the house price register. People now know what house have sold for. In the boom it was guess work and hearsay often from estate agents.
When you say houses were going 10% above asking prices before you couldn’t have known at the time if that was true.
have your say