Southside property prices are most expensive in Dublin

THE Southside remains the most expensive part of the city to buy a property in, the latest house price report from MyHome.ie reveals.

The report suggests that generally prices are expected to continue to rise in 2018 but at a slightly slower pace due to a tightening of the Central Bank lending rules.

Published in association with Davy, it predicts house prices overall will rise by 8 per cent overall in 2018, split between double digit growth outside the capital and a rise of 6 or 7 per cent in Dublin.

 While asking prices fell back by 1 per cent nationally in the final quarter and 0.4 per cent in Dublin– as per normal seasonal trends -  2017 was a year of robust inflation, with prices rising by 10.2 per cent nationally and 11.1 per cent in Dublin.

 The median asking price for new sales nationally was €242,000 in the final quarter.

In Dublin the median price was €330,000 compared with €195,000 in the rest of Ireland. 

 The median asking price of a three-bedroom semi-detached house in Dublin was €295,000.

For larger four-bedroom detached houses the median price was €633,000 up 5.4 per cent on the year.

Prices in Dublin South city fell by 6 per cent in Q4 to €257,000.

 Dublin South remains the most expensive part of the city with a median asking price of €350,000.

The author of the report, Conall MacCoille, Chief Economist at Davy, said the tighter Central Bank rules will serve to slow house price inflation in Dublin.

“Asking prices have fallen in the final quarter of each of the last five years before bouncing back in the Spring and we see that pattern continuing in 2018,” he said.

“However, due to the Central Bank tightening its mortgage lending rules, we believe house price inflation in more expensive areas, like Dublin, will slow somewhat.”

He added: “Homebuyers in Dublin have been taking out higher levels of mortgage debt, but with the availability of credit constrained, further price increases will also be curtailed slightly in 2018.

“However double-digit price gains are likely to continue outside the capital where the recovery began.” later, prices are cheaper and there is still scope for leverage on mortgage lending to rise.”