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Asking prices up nationally for first time since peak of property boom

While the property market in the rest of the country is now on the move, there is still a huge gap between Dublin prices and those outside the capital.

ASKING PRICES FOR homes all across the country are up for the first time since the peak of the market almost eight years ago.

In the latest survey from MyHome.ie, the mix adjusted average national asking price was up 1.3% to €190,000 in the second quarter of this year.

In Dublin, the average asking price increased by 4.5%, hitting €255,000. The median asking price, which MyHome.ie said is the better way of estimating the price of a typical house, was up a considerable 7.4% in Dublin.

Changes in median asking prices across the rest of the country can be seen in this chart:

Source: MyHome.ie

Click here for a larger version of this image

This is the capital’s fifth consecutive quarter of positive growth and the survey said price rises are likely to continue for some time.

The author of the report Caroline Kelleher from DKM Economic Consultants said that while the recovery in national prices was encouraging, the stronger price growth in Dublin means the divergence between the capital and country is continuing to widen.

Supply constraints are clearly a key factor in Dublin and other key markets and these would appear to be driving the current price increases. Given the time lag in addressing supply issues it is likely prices will continue to rise in these areas for some time to come.

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Angela Keegan, Managing Director of the property website said it was “heartening” to see asking prices rising nationally for the first time in almost eight years.

Source: MyHome.ie

“While this is an important landmark on the road to recovery, we are still much closer to the start of that journey then the finish,” she commented. “The average mix-adjusted asking price in Dublin is now 34% higher than the national figure. This is on a par with trends seen at the height of the boom when the difference stood at 35%, albeit prices are at a much lower base.”

She said it is clear that affordability in Dublin is set to deteriorate further over the course of this year and addressing supply issues is key if we are to return to a normal functioning market.

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