House Prices Rise During Low Inflation Phase
The rate of house price increases is slowing according to the latest report from Daft.ie.
It shows the cost of a house rose by 5.6 per cent in the year to June.
That represents the lowest rate of inflation in almost 4 years.
House prices nationally rose by 2.7% during the second quarter of 2018, according to the latest House Price Report released today by Ireland’s largest property website, Daft.ie.
The average price nationwide during the second quarter was €254,000, 5.6% higher than a year ago. Compared to their lowest point in 2013, prices nationwide have risen by an average of 54% or just over €89,000.
In Dublin, prices rose by 1.8% between March and June, meaning that the average price in the capital is now almost €155,000 higher than five years previously.
Across each of the other major cities, prices rose substantially in the last three months – by 4.8% each in Limerick and Waterford cities and by 4.7% in Cork and 4.3% in Galway.
Outside the main cities, prices rose by 3.2% in the same period, with the largest increases in Connacht-Ulster and the smallest in Munster.
Author of the latest Daft.ie report, Ronan Lyons, says the change is reflected across the country;
"Overall we're finding that the headline rate of inflation has falled to its lowest level in almost four years. Nationally the year on year change in house prices is 5.6% that's the lowest its been since 2014.
That's been driven, not just by Dublin but in particular by Dublin where headline rates of inflation have halved in the last year. But even across the country now there's a steady 5-6% increase depending where you look."
Average list price and year-on-year change – major cities, Q2 2018
- Dublin City: €374,885 – up 6.2%
- Cork City: €273,894 – up 6.9%
- Galway City: €285,277 – up 6.2%
- Limerick City: €189,416 – up 6.9%
- Waterford City: €172,880 – up 8.8%