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27/10/2021

Limerick sees biggest rise in house prices of any city in Ireland - new Daft report

The latest House Price Report by Daft found that the average house price in the city is now €181,000 - which is 52 percent above its lowest point.

HOUSE prices are now 9% higher nationally than a year ago - an increase of €23,954 in only 12 months, according to the Daft House Price Report Q3 2021.

In Limerick city, prices in the third quarter of 2021 were 8.4% higher than a year previously, compared to a rise of 5% seen a year ago. The average price of a home is now €231,000, 94% above its lowest point.

This compares with Dublin city: €399,323 – up 4.9%; Cork city: €307,464 – up 5.8%; Galway city: €316,060 – up 3.1%; and Waterford city: €204,759 – up 6.3%.

In County Limerick, prices in the third quarter of 2021 were 10.8% higher than a year previously, compared to a rise of 1% seen a year ago. The average price of a home is now €216,000, 64% above its lowest point.

Housing prices nationally rose by 1% between June and September and are now 9.1% higher than a year ago, according to the latest Daft report released today. The average price nationwide in the third quarter of 2021 was €287,704, 22% below the Celtic Tiger peak but three quarters above its lowest point in 2012. 

Outside the main cities, inflation remains significantly higher, with prices rising by an average of 12.9% year-on-year. The largest annual increases were in Mayo and Leitrim, where prices are more than 20% above their level a year ago.

The total number of properties available to buy on September 1 was just below 12,700, up slightly from levels recorded earlier in the year but one of the lowest figures recorded since the rise of advertising properties for sale online. Despite an uptick in listings, the total availability of homes for sale nationwide on September 1 was one third lower than the same date a year earlier and a little over half the amount for sale in September 2019. 

Commenting on the report, its author Ronan Lyons said the latest signals from the sales market suggest that, thankfully, the worst of the Covid-19 squeeze has passed.

"Inflation has eased a bit and there has been a modest improvement in the number of homes available to buy at any one point. Nonetheless, while the Covid-induced spike in market conditions may be passing, the underlying issues remain.

"The stock for sale remains well below pre-Covid-19 levels, while many parts of the country are still seeing prices that are at least 10% higher than a year ago. Additional supply remains key to solving Ireland’s chronic housing shortage and, with the pandemic appearing to be under control, housing remains a critical issue – economically and politically – for policymakers to address.

"The Government's 'Housing for All' plan contains a welcome boost in social housing activity but construction costs, the key determinant of viability, do not appear to be on policymakers’ radars," said Mr Lyons, economist at Trinity College Dublin.

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