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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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Its a housing stock issue. In Barcelona, their council are literally seizing apartments that have been vacant for more than 3 months. The owners are given half the market value or offered a 90k-900k fine.. It will drastically cut out all this investment/AirBnB trollop. i.e. by corporations with large residential property portfolios. Fair play to them!
@Bernard McWilliams: NOBODY should be profiting from owning a 2nd or 3rd house, why do you think so many politicians are landlords?
It’s a landlords paradise
@Darren Byrne: Only for those with no morals, not paying or avoiding tax and no morgage. i.e not the one off accidental landlord.
@Darren Byrne: we are driving the accidental landlords out and the huge corporate vultures in. They are the only ones profiting from this mess, not the landlord with 1 or 2 houses.
@Darren Byrne: I wish it was. ha went turned a profit on my house in 6 years. because of cost of renovations and repairs. in the immortal words of p Flynn you should try it sometime.
@ed w: The profit is an asset at the end. Even if tenants only pay for half the mortgage. That’s still a big profit.
@ed w: speak for yourself. paper thin walls with mold infestation all day every day. 5€ cilit bang favorite landlord “repair”
Renovation is a big fancy word but reality hits you when your landlord sends a handyman with adidas bag full of silicone and daffer tape.
Being labdlord in dub is like licence to print money and that’s a fact.
Cost of Build is the root cause not Supply which is only a symptom.
News Flash! EU Parliament voted on 21/01/2021:-
- Housing costs should be kept affordable by law !!!!
- Access to adequate housing should be a fundamental European right.
- Call for an EU-wide goal to end homelessness by 2030
- Access to affordable housing as an enforceable human right (like food or water).
EU to the rescue again … Irish political system is inept or controlled by external forces.
37% of Cost of Build of new homes is artificial due to levies and tax. No need.
VAT €28,000
LA Levy €15,000
Social Housing contribution €5000
Conveyancing €6000 .. you can do your own in other countries.
….
So many people in Dublin paying 2k a month rent but can’t get a €1200 a month Mortgage
Surprising? Dealing with HAP is a total bureaucratic pain ( HAP admin is yet another self important QUANGO). Payments get cut off to property owner without notice or clear reason. Impossible to deal with. This is well known to agents. Never again
Homeless figures down over 2,000 in the last 15 months (per Focus Ireland stats). This is great news for the 2,000 families involved.
My personal experience in trying to rent anywhere within Co. Cork. If you bring up HAP it is impossible to get the place you want to rent.
have your say