Daft House Price Report 2014 Q1 Tipperary

The average asking price for properties outside of Dublin has risen during the first three months of the year; the first quarterly rise since mid-2007 according to the House Price Report released  today by property website Daft.ie.  Nationally, the average asking price is now €177,000, up 3.5% from the same time last year and down 53% from the peak.

Prices in the capital are 15% higher than the same stage last year, with annual increases also recorded in Cork and Galway city centres of 2% and 3% respectively.  Although experiencing increases in the latest quarter, both Waterford and Limerick city centre prices are down from the first quarter of last year by 1% and 6% respectively.

The total number of properties on the market in now just over 33,000, down from a peak of 62,000 in mid-2009.  In Dublin, the number of properties available for sale is below 2,300.  According to the official Property Price Register, there were over 3,800 properties purchased in the last 3 months of 2013 within Dublin.

In Tipperary, prices in early 2014 were 5% lower than a year previously, compared to a fall of 9% seen a year ago. The average house price is now €135,000, 52% below peak levels.

Commenting on the report, Economist with Daft.ie, Ronan Lyons said:

“While those based in the capital will understandably focus on rising inflation in property prices, perhaps the more significant development is elsewhere. For the first time since 2007, the average asking price outside Dublin rose on a quarterly basis. This may the first indications that a better match is being found between demand – which will be boosted by the fall in unemployment – and supply – which has eased back considerably in the last two years.

“This quarter also sees the addition of a measure of housing market expectations to the Daft.ie Report. This shows that the supply of housing is perhaps the most pressing concern for those active in the housing market at the moment. In general, expected changes in house prices seem grounded but any further increases in expectations, particularly in Dublin, may be a cause for concern.”

The full report is available from http://www.daft.ie/report and includes a commentary by Ronan Lyons, Assistant Professor of Economics at Trinity College Dublin and author of the Daft.ie Report.

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