House prices in the final quarter of 2018 were almost 10% higher than a year previously in Limerick city
HOUSE prices in the final quarter of 2018 were almost 10% higher than a year previously in Limerick city.
The Daft.ie report compared and contrasted the final three months of 2018 with 2017. There was a seven per cent rise between 2016 and 2017.
In the breakdown of major cities the average price of a house in Dublin was €370,472 with a rise of 2.9%. In Cork city it is €275,703; up 5.8%. Galway saw an increase of 6.3% with a house setting you back €290,528. A home in Waterford city changed hands for €174,879 – up 8.6%. In Limerick city, the average price is €194,214 which equates to a jump of 9.8%. The average house price in the city is now 63% above its lowest point.
In the rest of Limerick, prices in the final quarter of 2018 were 11% higher than a year previously, compared to a rise of 9% seen a year ago. The average house price is now €189,000, 44% above its lowest point. The number of properties available to buy on the market nationwide rose by 10% during 2018. There were over 23,500 properties for sale in December 2018, compared to 21,200 a year earlier.
This is the first year-end increase in availability in a decade. Whereas earlier in the year the increase was being driven entirely by Dublin – where availability is up 40% – better availability has now spread to other parts of the country, including other cities, and the rest of Leinster and Munster.
Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said: “During the 2000s bubble and crash, the laws of supply and demand were secondary in the housing market to credit market shocks. Not least because of the Central Bank’s mortgage rules, the market this decade has returned to the more fundamental drivers of supply and demand.” Since 2013, demand has been strong but supply weak, said Mr Lyons.
“The increase in homes being built – especially estate houses – in the last 18 months, though, has helped cool down inflation, in particular in the greater Dublin area, where construction activity is focused. The hope for the housing system is that the building of new homes continues to increase, and to spread to other urban areas.”
Looking to the future, Mr Lyons said the supply has steadily improved and more is to come.
Martin Clancy, from Daft.ie, said: “Interest and demand in the property market continues to grow. We are now seeing over 1,000 property searches taking place every minute on Daft.ie.”