News
Significant increases in property prices
By Ted Healy of DNG TED HEALY
The latest house price report from property website daft.ie turns up some interesting, if not unsurprising, facts on the market.
It looks at the first quarter of 2022 (Jan – Mar) which shows significant price increases and continued supply issues.
Housing prices rose by 2.4% on average during the first three months with the average listed price nationwide in Q1 now €299,093, up 8.4% on the same period in 2021 and just 19% below the Celtic Tiger peak.
The increase in Munster (outside the cities) was 13.3%.
Just 10,000 homes were listed for sale on March 1, during 2019, the average number of homes for sale on the market at any one time was just over 17,500.
Inflation in housing prices remains high – as has been the case consistently over the last decade, increasing prices reflect a combination of strong demand and very weak supply. Significant increases in the cost of construction have simply added to this.
Some interesting key points to note were that almost half of those looking to buy, but not straight away, cited the need to save for a deposit as a key factor in delaying home purchase.
DELAYS
Roughly four in five respondents cite the lack of homes as a factor in delaying home purchase.
The number of homes on the market continues to fall. The total number of properties available to buy nationally on March 1 was just 10,047, down by almost 2,000 from the same period last year and the lowest on record in a series dating back to January 2007.
In the Munster region, listed prices increased by an average of 2.7% between January and March, up 13.3% year-on-year.
Annual price inflation in Munster is above 10% again after a record level of annual inflation in Q1 of 2021.
Supply of properties in the Munster region is at a new low, with just over 2,800 properties on the market in Munster on March 1, down from 3,618 on the same date a year ago.
"On a local level, supply of properties in the Killarney area remains at an all time low," Ted Healy said.
"As a result we are experiencing a sharp rise in prices being paid for well located second hand properties. With limited new construction expected in the short term this trend is unlikely to change. We have a list of buyers eager to purchase property in the Killarney area but unfortunately the properties simply are not available. We would be delighted to speak to anyone considering selling their property and can be contacted on 064 6639000 or killarney@dng.ie."
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