Housing prices nationally rose by an average of 3.1% in the third quarter of 2024, according to the latest Daft.ie findings.
The House Price Report released today by Ireland’s largest property website, Daft.ie reveals that the typical listed price nationwide in the third quarter of 2024 was €344,848.
That's 6.2% higher than in the same period a year earlier and 37% higher than at the onset of the Covid19 pandemic.
In Tipperary, prices in the third quarter of 2024 were 10% higher than a year previously, compared to a rise of 8% seen a year ago. The average price of a home is now €267,000, 54% above the level seen at the start of the Covid19 pandemic.
The increase in prices in the third quarter was broadly based but the percentage gains were greatest in Dublin, where prices rose by 4.1% between June and September.
This is the largest three-month increase in the capital since early 2017 and means that prices there are on average more than 6% higher than year ago.
This means that annual inflation in Dublin is higher than the average of the other four cities for the first time since 2020.
South East
Tipperary saw the highest year-on-year increase in the South East at 10% but is the cheapest place to buy a home at €267,000
The lowest year-on-year increase was in Kilkenny with houses prices less than 1% higher than last year and the average price of a home now at €308,000.
The dearest place to buy a house in the South East is in Waterford with the average price now €348,000, a year-on-year increase of 8.5%.
If you're buying a house in Carlow it'll set you back €275,000 - almost 3% higher than a year previously.
And house prices in Wexford saw a 5% increase with a house there costing €306,000.
In Cork, Galway and Waterford cities, prices in the third quarter were roughly 4% higher than a year ago.
Inflation in Limerick city remains higher, however, at 9.7%, while the average increase outside the cities in the year to Q3 was 6.3%.
The number of second-hand homes available to buy nationwide on September 1st stood at less than 11,900, down 12% year-on-year, the fifteenth month of contracting supply.
The fall in availability largely reflects a dip in the number of second-hand homes coming on to the market over the last year, with just over 51,000 homes coming on to the market in the twelve months to September, compared to almost 57,000 a year ago.
Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said:
“While the volume of new homes being built and bought has largely held up in recent quarters, despite rising interest rates, the same cannot be said of the second-hand market. The number of homes coming on to the second-hand market remains very weak. The resulting scarcity of homes has pushed prices up, especially in Dublin, where new homes are being built. The typical second-hand home bought in Dublin between June and September sold for 7.6% above its listed price, the biggest gap since records began in 2010. Conditions elsewhere are similar, with a record average premium of 5.4% above the listed price nationally.
The slow decline in mortgage interest rates will help the market, as will sitting homeowners coming off fixed-rate mortgages. But these factors are largely outside of policymaker control. The underlying issue remains a lack of homes, of all kinds, and this should remain the focus for policymakers before and after the next election.”
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