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News : Property Last Updated: Jan 2, 2014 - 7:54 AM

Irish House Prices 2014: Dublin main challenge as asking price gulf surges to 28%
By Finfacts Team
Jan 2, 2014 - 7:52 AM

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Irish House Prices 2014: The weak supply of new houses in the Dublin region will be one of the main challenges facing the property market in 2014 according to the author of the latest house price survey from MyHome.ie. An asking price gulf  between a mix of asking prices nationally and in the capital, has risen from 17% a year ago to a 28% price differential now.

Caroline Kelleher of  DKM Economic Consultants says the Dublin property market turned a corner in 2013, with prices first stabilising and then rising from Q2 2013 onwards. But prices outside Dublin have further to fall.

“The market turned in Q2 when the year on year change in mix adjusted asking prices in Dublin entered positive territory for the first time in 6 years. While the rate of decline in prices nationally continued to moderate throughout 2013, price increases in the capital, due in large part to a shortage of supply, has meant the divergence between Dublin and the rest of the country is growing and looks set to widen further in 2014," Kelleher said.

The latest figures shows that the annual mix adjusted average asking price in Dublin rose by 2.4% last year, the largest annual increase in seven years, while the average asking price in Q4 rose by 0.6% to €241,000.

Nationally the mix adjusted asking price continued to show moderation in the rate of decline, down 0.9% in Q4. This is the lowest rate of fall in the past six years.

The mix adjusted asking price nationally now stands at €189,000 down 5.6% on a year ago. There were further signs of price stabilisation in Cork where median asking prices remained unchanged in the city and county throughout the year.

Angela Keegan, managing director of MyHome.ie said: "Currently there are approximately 3,000 properties on sale in Dublin - - down 30% from the same time last year. We are also seeing very low volumes of house building and planning permission being granted for apartments, when there is a clear demand for family homes.

Dublin dominates the property market with over a third of all transactions so clearly we need to see the Government and the relevant local authorities taking action. The price increases we are seeing in Dublin are unsustainable over the medium term and we don’t want to see the same pattern emerge in Cork and Galway. The banks also need to address the mortgage arrears issue and free up properties so people can get on the property ladder.”

The average time to sale agreed is 3 months in Dublin, 5 months in Galway, 6 months in Cork, 7 months in Waterford and 10 months in Limerick.

The CSO reported on December 23: "Residential property prices grew by 0.6% in the month of November. This compares with an increase of 1.8% recorded in October and an increase of 1.1% recorded in November of last year.

In Dublin residential property prices grew by 1.3% in November and were 13.8 % higher than a year ago. Dublin house prices grew by 1.4% in the month and were 13.1% higher compared to a year earlier. Dublin apartment prices were 20.7% higher when compared with the same month of 2012. However, it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series."

MyHome.ie Barometer report [pdf]

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