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Slowdown in house prices as average Offaly home now €184,000

9th July 2018

HOUSE prices in Offaly rose by eight per cent in the second three months of 2018 compared to the same period last year the latest price survey from Daft.ie has found.

This compares to a rate of 13 pc seen this time last year indicating the rate of increase has slowed down, the property website said.

Now the average house price in the county is €184,00, 52 pc above the lowest price recorded.

Nationally house prices rose by 2.7 pc during the second quarter of 2018 while the average price of a home  nationwide during the second quarter was €254,000, 5.6pc higher than a year ago.

Compared to their lowest point in 2013, prices nationwide have risen by an average of 54 pc or just over €89,000.

In Dublin, prices rose by 1.8 pc 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 pc each in Limerick and Waterford cities and by 4.7 pc in Cork and 4.3 pc in Galway.

Outside the main cities, prices rose by 3.2 pc in the same period, with the largest increases in Connacht-Ulster and the smallest in Munster.

The number of properties available to buy on the market nationwide has risen in recent months. In Dublin, almost 4,800 properties were available to buy in June, up close to 50 pc on the number a year previously.

Outside the capital, there were almost 19,000 homes on the market in June – 2 pc below a year previously but up 2,000 on the March level.

In Dublin the fraction of properties finding a buyer within 2 months is down (37 pc vs 50 pc a year ago), while the fraction selling within four months remains high (72 pc).

Elsewhere, 65 pc of properties listed currently find a buyer within four months, in line with the figure from a year ago (66 pc).

Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said: “Ireland’s sales market for housing remains one of strong demand and relatively weak supply. That said, there are signs – in particular from the Dublin market – that new supply is having an effect, with increased availability on the market and a slowdown in inflation. While the increase in new homes built is welcome, it is predominantly in the form of housing estates. Almost all the new homes needed in the country are urban apartments, so the mix of supply remains a challenge for policymakers.”

Ger Scully

Tullamore & District ChamberUnit 2A - Second Level, Bridge Centre, Tullamore, Offaly, Ireland    E-mail: info@tullamorechamber.com
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