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Numbers crunched: New report reveals the extent of Dublin's housing shortage

Meanwhile, another report shows activity in the housing sector not seen for several years.

Image: house sales via Shutterstock

A NEW REPORT has revealed the extent of Dublin’s housing shortage.

The detailed analysis by GeoDirectory pulls in data from a range of sources, and found that housing stock relative to population and households was lowest in Dublin.

There were 888 households per every 1,000 dwellings in Dublin, followed by Kildare (886), and Meath (872).

At the opposite end of the scale were Waterford (453), Galway (539), and Limerick (564).

The study was also able to estimate the turnover of housing stock.

This was “well below” what would usually be considered average – 1.4% compared to 4% to 5%.

The authors of the report said:

The national average housing turnover rate from June 2013 to June 2014 was 1.4%, with Dublin (9,717 transactions or 1.8% of the total Dublin residential stock) experiencing the greatest turnover in housing stock. Donegal, Monaghan and Mayo (all 0.9%) each had the lowest rates of housing turnover in the country for the period.
The report estimates that there were 28,626 transactions in the year to June 2014 according to the PPR. A total of 13% (3,824) were represented by new properties while 87% (24,802) were second-hand property transactions.

The lowest average transaction prices were in Cavan (€69,111), Longford (€71,969), and Roscommon (€75,891).

A separate report out this morning has revealed that the property market is continuing to show levels of activity not seen since the peak of the market

However, some areas are still faltering, as 12 counties recorded a fall in house prices in the third quarter of this year.

The latest MyHome.ie house price barometer details that the average mix-adjusted asking price nationally now stands at €193,000, up 1.1% – the first positive year-on-year growth since seven years ago.

The analysis also shows that the bigger the house, the bigger the price gap, and is now “marginally higher” than what was seen at the peak of the market.

BarometerMap_Q32014CMYK_SincePeak (1)

Click here to view in more detail.

Report author Caroline Kelleher from DKM Economic Consultants said that it is now a “key period” for market that will show whether enough process has been made on the Government’s Construction 2020 blueprint.

Last week, the Junior Minister with responsibility for this project, Paudie Coffey, welcomed an increase in the CSO’s property price index, and that the market will soon pick up enough to meet the goals set.

While these prices are up 1.4% nationally, in Dublin they’re up 3% as supply issues continues to drive up prices. This difference in asking prices raced ahead further in Q3.

“There were only 500 completions in the capital in Q1 and given that the Housing Agency has forecast a requirement of 5,700 units in Dublin alone this year it is clear the current rate of completions falls significantly short,” Kelleher said.

As a result our expectation is that prices will continue to rise over the coming months.

Details for other cities were:

  • Cork: City and county both experienced price growth of 2.6%. Median asking price €195,000.
  • Galway: Median asking price increased by 2.9% to €175,000 in the city, and 3% to €165,000 elsewhere.
  • Limerick: Prices remained stable in both city and county, at €120,000 and €130,00 respectively.
  • Waterford: More bad news for Waterford. Prices now stand at €111,000 in the city, down 3.5%, while in the county they’re down 3.2% to €150.000.

The previous survey from MyHome.ie showed that asking prices for homes all across the country were up quarter-on-quarter for the first time since the peak of the market almost eight years ago.

Read: New figures showing surge in house prices welcomed by the Government >

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Nicky Ryan

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