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Soaring property prices: which counties are feeling the strain?

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Homes in North Dublin and in cities outside of the capital have seen the sharpest rise in property asking prices, according to a recent report by property website MyHome.ie.

The surge in prices comes as more house hunters who are priced out of the expensive South Dublin property market begin to search elsewhere.

Shortages of supply in new apartments have also seen asking prices rise by more than 20 per cent over the last year in eight counties.

MyHome.ie, a property website which is owned by the Irish Times, tracks the median asking prices of property listed on its site across the country in each quarter of the year. The median is the middle price in a given set of housing figures.

The median prices of homes on the Northside of Dublin city rose to €210,000 by June, a 13.5 per cent increase on 2016 prices.

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House prices in Dublin West rose by 6.8 per cent, to a median price of €235,000, and homes in the Fingal and North county Dublin area rose by a more modest 4.5 per cent to €277,000.

Homes in South county Dublin continued to pull the largest asking prices, at €355,000, which is a rise of just 1.4 per cent. Property in the Southside of Dublin city centre rose by an even 10 per cent to around €275,000.

The overall median asking price for a property in Dublin was €290,000 as of the latest quarterly report. The asking price for a four bedroom detached house in Dublin has risen to €650,000, the highest level since 2010.

Regional Rise

Asking prices for property in Limerick city rose by 14.8 per cent over the year to a median of €155,000. Prices for a house in Galway city were up by 9 per cent to €242,500, while Waterford city saw a rapid eight per cent increase in just the last three months, to €135,000.

Other Leinster counties also saw sizeable jumps in asking prices for property in the last year. Offaly prices rose to €165,000 (up 15.8 per cent), in Westmeath prices reached a median of €155,000 (10.8 per cent rise), and €155,000 in Wexford (6.5 per cent increase).

The lack of supply of new apartments being completed in Ireland has seen prices spiral by over 20 per cent in eight countries, compared to 2016 figures. The median price for a two bedroom apartment in Dublin currently is €240,000, according to the property site report, which was compiled with Davy Stockbrokers.

In Cork, asking prices for apartments have increased by 17 per cent to €162,500. Galway has seen a large increase of around 25 per cent, to asking prices of €150,000. Apartment asking prices in Limerick jumped by a huge 34 per cent, according to the analysis of all properties listed on the MyHome.ie site from the area.

Rural counties also saw a big surge in asking prices for apartments, as a lack of supply has led to competition and rising prices. Longford, Louth, Roscommon, Laois, and Westmeath have all also seen asking prices for apartments spike by more than 20 per cent compared to 2016 levels.

Article by Jack Power – The Irish Times