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PRICES SOUGHT FOR houses in the second quarter of this year was 35% higher than at the onset of the Covid-19 pandemic, according to the latest Daft.ie House Price Report.
As of the second quarter of 2024, the average listed price for a home nationwide was €340,398.
In addition to being 35% higher than the pre-Covid levels, the figure from Q2 2024 is 6.7% higher than the same period last year, and a quarterly rise of 3.8% – the largest quarterly increase since 2020.
In year-on-year terms, prices are rising in all but two of the 54 markets covered in the Daft.ie report – prices are falling in Dublin 2 and stable in Dublin 6.
Author of the report Ronan Lyons noted that prior to the pandemic, prices nationwide went from rising or stable to falling as “supply had caught up to demand”.
In Dublin, prices in the second quarter of the year were 4.7% higher than a year previously while in Cork and Waterford cities the increase was closer to 10%.
In Galway and Limerick cities, prices were more than 12% higher year-on-year.
A similar pattern holds for the rest of the country.
In Leinster, outside Dublin, prices were up 6.1% year-on-year, while in Munster the increase was 10.4% and in Connacht-Ulster 6.2%.
Meanwhile, Leitrim is the county with the lowest average asking prices at €198,869.
This is followed by Longford on €203,202, Roscommon at €212,196, and Sligo on €218,587.
At the other end of the scale, South County Dublin has the most expensive house prices at €694,602, followed by South Dublin City a considerable way back at €488,464.
Wicklow ranks third on €431,437, followed by North Dublin City on €419,786.
The Daft.ie report also notes that “the lack of supply has been a relatively constant feature” over the past five years and nationally, the number of second-hand homes available to buy is down 18%.
As of 1 June, there were fewer than 11,400 second-hand homes on the market, well below the 2015-2019 average of 24,700.
In Dublin, supply in the second-hand home market fell 18% on the same period last year, and down 19% in Leinster (outside of Dublin).
The supply picture is worse in Munster, with supply in the second-hand home market down 20%, and down 15% in Connacht-Ulster.
Lyons said that over the past 20 years, “a clear pattern has emerged in both sale and rental markets: when availability is tight, prices are pushed upwards”.
He said availability in the sales market has been “consistently tight since the start of the year” and therefore it’s “not surprising that prices nationally recorded their largest three-month increase since 2020”.
He added that the “tight availability of second-hand homes reflects the impact of significant interest rate increases”.
“As rates come down again, and in particular as sitting homeowners come off fixed-rate mortgages, supply should improve,” said Lyons.
“This, however, is likely to take time and thus tight conditions may continue for some time.”
-With additional reporting from Press Association
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Tax the assets of the investment funds, restrict the likes of Airbnb to medium term lets. Or even do POXY SOMETHING
@Alex Kane: 100% on both of these. I’d ban Airbnb altogether to be honest. And build to rent apartment blocks which are almost exclusively owned by foreign entities should be taxed to the hilt, while small landlords who are the backbone of the affordable rental market in this country should have less tax to pay.
@Alex Kane: definitely something needs to be done about AirBnB. It’s ruining not just Ireland but so many places. So many homes being mopped up by capital flush punters for tourism pushing locals out of their communities.
@Gearoid MacEachaidh: AirBnb is just a service of convenience tho, regulate yes, eliminate no. Personally I think they way people attack and limit opportunity is the wrong approach, we shouldn’t be legislating ourselves out of the marketplace, it’s Opus Dei Ireland, somehow people think if we lower the bar until it’s on the floor we’ll somehow be better off!
35% of 340k is 119k.in layman’s terms your talking 10-15 years payments in a 4 year span. Honestly how are ff/fg still top dogs. Baffles me
@Vinny Clare:
About 450k households are renting so that means close to 3 times that are home owners, a majority of those are delighted house prices are rising.
I’m alright Jack
Literally the next article reads ” tanaiste attended meeting in Luxembourg ahead of important week in Europe. These high prices are fffg policy. They do not see it as a crisis. They talk about supply and demand. Only one third of new properties are available for sale. It is baffling to me how young people can’t see this and vote accordingly . They have not formed a political movement for change . Sinn fein isn’t it and don’t have enough support. This is how house prices will be for the next decade.
@Furious George – The Wasp: i don’t know if Sinn Fein are it, but go on PropertyPal and have a look at the cost of new 4 bed houses in Belfast. They’re cheaper than 100 year old bungalows in rural Ireland. Something is being done better.
@Furious George – The Wasp: Where did you get that info that only one third of new properties are for sale?
@another one? what’s going on is the semi state sec: regularly said on newstalk. About a third are bought by gov and housing bodies for social housing. Another third are build to rent by corporations who also block buy who estates. That won’t be banned for another 4 years as far as I know . Had a quick look and some stats are backed up here. https://www.socialdemocrats.ie/one-third-of-new-homes-now-bought-by-institutions/
The boom is back baby. Champagne all round.
Something has gotta give it’s getting beyond ridiculous.
@Joanne Stokes: not while there’s still people cleaning up out of this…wonder who those people are!
The First Time Buyer’s Grant has contributed significantly to the purchase price. Politicians infantilising voters.
But but but but ffg say the plan is working.
If it was treated like a crisis, there would be solutions. If an earthquake flattened half the housing you would start with getting chinese firms in to replicate their ghost cities for a million people, albeit built to bad standards. Then maybe look at awarding contracts to spanish firms. Drop vat rates on building products. Allow foreign visa for building trades to come in. Allow 3d printed housing, quick build wooden cabins to be used by not requiring planning. Basically there should an option for alternatives no matter how small rather than playing up to the same monopoly of 5 major developers. Build eight high rise buildings in Rush green fields site, run and build three dart lines, crisis over.
Greedy builders, Greedy Government = 35%
And if you try to leave the madhouse Aer Lingus will strand you here!
Government, corporate, and private debt at all time highs globally. It’s only a matter of time. It’s like a train with the tracks leading off a cliff, you can put on the breaks to slow the train down, but ultimately it’ll go off the cliff.
have your say