Close

Follow Lovin Dublin

Average House Prices In North Dublin Have Rise 5.6% In The Past Three Months

By katedemolder

March 27, 2017 at 9:23am

Share:

The price of the average three-bed semi-detached house in North Dublin has risen a whopping 5.6% to €282,500 in just the past three months, according to a national survey carried out by Real Estate Alliance.

This is due to the lack of housing supply in Dublin at the moment, causing high demand with more first-time buyers holding out for new developments. 

According to John Cumisky from REA Cumisky in Balbriggan, this is hugely telling that the situation may continue.

“We have seen a rise of 9.1% in the first quarter, with three beds rising by €20,000 to €240,000 – and bigger demand to come with many first-time buyers still holding out for new building schemes due to the Help To Buy Scheme.”

The average semi-detached house nationally now costs €209,944, the Q1 REA Average House Price Survey has found – a rise of 3.5% on the Q4 2016 figure of €202,926.

Overall, the average house price across the country has risen by 10.9% over the past 12 months – a marked increase on the 7.7% rise registered to the end of December 2016.

The average three-bed semi-detached in Dublin city now costs €404,167 – a rise of €15,000 (3.9%) in the last three months and an increase of 12.8% over the past year, the Q1 REA Average House Price Index has found.

The easing of the Central Bank restriction on lending for first-time buyers has had an immediate effect on the market with a large rise in numbers at viewings and potential buyers with mortgage financing.

However, the biggest percentage increases over the past year came in the country’s smaller rural towns situated outside of Dublin. Prices here rose by an average of 12.9% over the year, with a three-bed semi now costing €136,194 – an increase of 3% in the past three months.

According to REA spokesperson, Healy Hynes:

“There has been a recovery in bank lending, which has been reflected in the purchasing end, but the accelerated figures in the Dublin market particularly, show that we are moving into a vendors’ marketplace.''

“However, we need to look at these figures in relation to the market where stock levels are at their lowest nationwide since January 2007. At a current average price of €136,194, and an annual compound rise of 12.9%, it will be 2021 at the earliest before it becomes economic to build outside the cities.”

READ NEXT: PIC: This Is The Most Overpriced Thing You Can Order In A Dublin Bar

Share:

Join the Lovin Dublin Newsletter

* indicates required

Interests

Marketing Permissions

Please select all the ways you would like to hear from Lovin Media Group:

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.