House prices increase in Dublin

HOUSE prices in Dublin rose by an average of 2.2 per cent between June and September, according to the latest Daft.ie House Price Report.

Released by Ireland’s largest property website, daft.ie. the report reveals how the average listed price of housing rose by 4.8 per cent.

The jump offsets falls earlier in the year and means that the average sale price nationwide in the third quarter of 2020 was €263,750, up 2.7 per cent on the same period in 2019 and 60 per cent higher than its lowest point in early 2013.

“The collapse in listings in April and May has translated into a fall in stock on the market – with fewer than 50,000 homes advertised for sale in the year to September, the lowest total since the start of 2015,” the report states.

The number of properties available to buy on the market nationwide was just under 17,700 on October 1, down almost one third year-on-year and the lowest figure in over 14 years.

While stock on the market had improved between April 2018 and August 2019, the market has now seen 14 successive months of falling stock – with relatively similar falls in all major regions of the country.

Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said: “The jump in listed sale prices seen in the third quarter of 2020 is not entirely unexpected.

“Indeed, it brings the Irish housing market into line with many other housing markets in high-income countries, where Covid-19 has not disrupted the long-term upward trend in housing prices. In Ireland’s case, the collapse in listings in April and May has translated into a fall in stock on the market – with fewer than 50,000 homes advertised for sale in the year to September, the lowest total since the start of 2015.