A recent report published by Daft.ie. shows the national average house price in Ireland is increasing by €50 or more per day. The report claims the average house price is now almost €241,00 – which represents an 8.9% increase over last year.
In terms of percentage increase from the low point of 2013, average property prices have risen by a staggering 47%. So, if you are looking to purchase a new home, now is the time to check out what’s available, such as the homes for sale Morningtonoffers in Co. Meath. There are plenty of other options, too.
If you are looking for the best value for your money, Sligo has homes available at around €134,000, and at the other end of the spectrum, South County Dublin is the most expensive; average home prices are around €559,000.
Dublin currently has a higher than average inflation (9.9%); somewhat higher than the national average which is at 8.2%, and, interestingly, the second consecutive quarter in which inflation has exceeded the national average.
Dublin is also the city with the highest inflation rate of the four major cities in Ireland; the last time this was the case was back in 2014.
In comparison, Cork has seen a 5.1% change in house prices in the last 12 months, its slowest growth over the last three years. Meanwhile, Galway has seen a 9.2% increase.
Elsewhere, Limerick and Waterford experienced increases of almost 8.5%, which is similar to many other parts of the country/
Dublin: €354,765 (+9.9%)
Cork: €260,181 (+5.1%)
Galway: €271,797 (+9.2%)
Limerick: €177,771 (+8.6%)
Waterford: €159,992 (+8.5%)
Available houses for sale
Availability of properties on the market to purchase, however, has continued to fall, although the rate of decrease in housing stock has slowed somewhat in recent years.
On 1 September, a total of 24,000 properties were available on the market, a 4% increase over the number available at the same point last year.
This is a result of additional supply, as opposed to a reduction in demand: 40,000 homes listed during the first two quarters of the year in comparison to 37,600 during the same period last year.
Recent relaxation of lending regulations, and incentives to buy have also resulted in a 10% increase in property prices in the first half of this year, although this is expected to be a one-off event and not a continuous trend, as prices have already stabilised again.
Another interesting statistic published in the report is that 1,000 searches for property are conducted every minute online and through apps, signalling a strong interest in property ownership, which bodes well for the future of the Irish housing market.