THE housing shortage in Limerick has seen prices dramatically rise by over 17% in the past year, according to the latest property report.
The House Price Report by the property website Daft.ie outlines that prices in Limerick are up by 17.3% since September of last year, up to an average asking price €143,929.
Limerick city also saw the largest increase in prices nationally, from June to September, of 7.7%.
“At a time when urban house prices in Cork, Galway and Limerick are rising at a rate of almost 20% a year, they are now falling – both quarter-on-quarter and year-on-year – in some of Dublin’s most desirable postal districts,” said Ronan Lyons, assistant professor at Trinity College Dublin and author of the report.
He said that while house prices only bottomed out in early 2014 in counties such as Longford, Westmeath and Donegal, “in Limerick, both city and county, they did not bottom out until the end of 2014”.
The report states that in Limerick city the average asking price is now €143,929, representing a quarter-on-quarter cchange of 7.7%, a year-on-year change of 17.3%, and a 21.2% change from its trough.
In county Limerick, the average asking price is €149,613, representing a quarter on quarter change of 4.2%, a year-on-year change of 10%, and a change from its trough of 13.7%.
The Property Price Register, the national database of all houses sold since 2010, also shows that this year has been the most buoyant for sales in Limerick, with house sales reaching a five year high.
The number of houses sold in Limerick, the record shows, have doubled in two years.
To date this year some 1,300 houses have sold in Limerick, in comparison to January to September of last year when 912 houses sold.
For the same period in 2013, 613 houses sold in Limerick; 539 in 2012; 528 in 2011, and 551 in 2010.
Daft.ie currently lists some 1,864 properties for sale in Limerick, and the majority of these, some 1,400, are listed under €300,000. Less than 60 properties in Limerick have price-tags in excess of €400,000, and just three have guide prices in excess of €1m.
These are the seven-bed Ballyneale house in Ballingarry for €2.5m, Glin Castle for €6.5m, and 6 The Demense, Adare Manor, for €1.85m.
Another recent property report from MyHome.ie for the third quarter of 2015 stated that median price rises in the city are up by seven per cent to €128,000, and that the price of three bed semi detached houses has risen by four per cent in the third quarter to €135,000.
According to the MyHome.ie/Davy affordability index Limerick is one of the more affordable counties in the country to buy a three bed semi detached house with a price to income ratio of 3.5. The ratio for the country as a whole is 5.3, while in Dublin its 6.1.