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Wednesday 28 June 2017

Average price of home in Dublin now €400,000

In Dublin, residential property prices increased by 8.2pc in the year to April
In Dublin, residential property prices increased by 8.2pc in the year to April

The pace of property price rises has picked up again, prompting fears of a new blowout.

House values were up 10.5pc in the year to April, stronger than the 9.6pc increase in March, according to the latest information from the Central Statistics Office (CSO).

Prices rose by 1.1pc in April, with a chronic supply shortage meaning buyers have to compete hard to secure a purchase.

In Dublin, residential property prices increased by 8.2pc in the year to April.

Higher price rises were recorded outside the capital, with a surge of 13.4pc.

The West showed the greatest growth, with house prices up by almost 18pc.

Restrictions

The Midland region recorded the lowest growth, with 9.3pc.

Apartment prices in the rest of Ireland increased 16.3pc in the same period.

Demand for housing is strong due to demographic changes, the lack of building during the downturn, the Government's help-to-buy scheme and the relaxing of mortgage restrictions by the Central Bank.

Additional information provided by the CSO shows that fewer than 2,500 homes were bought in April, close to an 8pc fall from the same month last year. A quarter of buyers were first-timers.

The average price transacted was €248,000. The average price for a home was higher in Dublin than in any other region or county, hitting €400,305.

Of the four administrative areas of Dublin, Dun Laoghaire-Rathdown was the most expensive, with an average price of €563,011, while South Dublin was the least expensive, with an average €317,655.

After Dublin, the next most expensive region was the Mid-East, where the average price was €247,358.

Within this area, Co Wicklow was most expensive, with the average property costing €315,013.

The least expensive county was Longford in the Midland region, with an average price of €88,837.

From the trough in early 2013, prices nationally have increased by 52.1pc.

The TASC think tank has predicted that the housing crisis in Ireland will worsen unless the Government takes a radical approach.

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