#Open journalism No news is bad news

Your contributions will help us continue to deliver the stories that are important to you

Support The Journal
Dublin: 8°C Sunday 25 October 2020
Advertisement

House prices are starting to take off outside Dublin

Other major cities have been leading the rises in the property market.

A terrace on College Road, Cork city, asking price €365,000
A terrace on College Road, Cork city, asking price €365,000
Image: Daft.ie

LIMERICK HAD THE biggest jump in house prices of any Irish city over the past three months as the property market outside the capital continued to play catch-up.

Average prices in Limerick city went up 5.1% between March and June, while in Cork city they increased 4.4% and in Galway city they rose 3.8%.

The significant growth compared to an across-the-board rise of only 0.6% in Dublin and an increase of 2.8% outside the major cities.

The latest house price report from Daft.ie also showed house prices either held steady or fell across Dublin, particularly in the most-expensive markets in the city’s south, since the Central Bank brought in new lending caps from February.

Instead buyers continued to be pushed into the commuter counties, some of which have experienced price rises of over 20% in the past year.

The report’s author, economist Ronan Lyons, told TheJournal.ie the property market had “flipped around” from the previous trend of big increases in Dublin while other regions stagnated.

When you look at Munster and Connacht and Ulster, prices there are now going up quite a bit, whereas they would have been static even into this time last year,” he said.

Daft1 Source: Daft.ie

Click here for a larger version

These were the key figures from the report for Ireland’s major cities:

Dublin city centre,  average asking price: €249,337

Year-on-year change: +12.3%

Cork city, average: €210,966

Change: 18.9%

Galway city, average: €207,697

Change: 17.2%

Limerick city, average: €135,593

Change: 11.4%

Waterford city, average: €118,234

Change: 9.3%

Daft2 Source: Daft.ie

Click here for a larger version

#Open journalism No news is bad news Support The Journal

Your contributions will help us continue to deliver the stories that are important to you

Support us now

Nationally, the average asking price was €202,000 – up 23% from the low point in mid-2013, but still 45% below the peak of 2007.

House price figures out from the CSO for May, which are based on sales backed by mortgages but exclude cash deals, showed average property costs in Dublin fell over the month while prices outside the capital went up 1.1%.

Daft3 Source: Daft.ie

Click here for a larger version

Lyons said over the last three months a lot of heat had been taken out of the market as the number of buyers who got mortgage approval before the Central Bank rules came in dwindled.

He said the lending restrictions were “the foundation of a good housing market policy”, although they didn’t answer the underlying problem of a lack of supply that continued to put pressure on prices in key regions.

In this video, Lyons further explains the most recent trends in the Irish property market.

Source: Video TheJournal.ie/YouTube

Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.

READ: Building in central Dublin occupied without permission by homeless group >

READ: Did Noonan’s warning work? More banks cut mortgage rates >

About the author:

Peter Bodkin  / Editor, Fora

Read next:

COMMENTS (29)