Readers like you keep news free for everyone.
More than 5,000 readers have already pitched in to keep free access to The Journal.
For the price of one cup of coffee each week you can help keep paywalls away.
# Housing Crisis
Cost of new Dublin properties up €39,000 compared to last year
According to the MyHome.ie Q3 Property Report, increases will continue into 2018.
THE AVERAGE ASKING price of a newly listed property in Dublin is recorded as €366,000 according to property website MyHome.ie’s latest property price report.
That represents an increase of €39,000 compared to this time last year.
The mix-adjusted price on newly listed properties in Dublin rose by 1.6% in the third quarter of this year, and is up 11.8% compared to last year. Nationally, prices rose by 0.4% compared to the last quarter, and are up 8.9% year-on-year.
For all properties listed as for sale on the website, prices rose 1.7% in Dublin and 1.6% nationally. The national mix adjusted asking price is now €228,000, while in Dublin it’s €319,000.
Although the rate at which prices are increasing has slowed, the growth in property prices is now predicted to continue into 2018.
The author of the report, Conall MacCoille, Chief Economist at Davy, explained that prediction.
“There are a number of reasons why house prices are rising so strongly; these include the lack of supply, the economic recovery and the fact household incomes are now rising by 2-3% per annum.
However the key factor driving house prices higher has been the mortgage market. The average loan drawn down by first time buyers in the last quarter was up 9.4% in the year to €200,000 from €183,000 in mid 2016.
“This has meant that leverage on new mortgage loans has increased and with ever more desperate buyers seeking larger loans as they compete for the few properties listed for sale, this trend is set to continue and to ensure inflation remains at double digit level.”
In the latest report from Daft.ie, published yesterday, house prices across the country were recorded as rising by more than €50 a day.
You can read the MyHome.ie report on Q3 property increases here.
Read: Asking price for typical three-bed semi in Dublin rises to €290,000
Read: House prices in Dublin rise by €32,000 in six months
