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News : Property Last Updated: Apr 2, 2014 - 9:08 AM

Irish House Prices 2014: Daft.ie says prices ex-Dublin up in Q1; MyHome.ie says prices slightly fell
By Michael Hennigan, Finfacts founder and editor
Apr 1, 2014 - 7:56 AM

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Irish House Prices 2014: The average asking price for properties outside of Dublin has risen during the first quarter of 2014; the first quarterly rise since mid-2007 according to a 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. Meanwhile, MyHome.ie's quarterly report says the mix adjusted average asking price nationally declined by 0.7% in Q1 - - the lowest rate of decline in over six years - - to now stand at €188,000.

Daft.ie says 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.

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.”

Daft.ie report [pdf]

Asking prices in Dublin increased by 1.3% in the first quarter of 2014 according to the latest property survey by MyHome.ie - - this is the fourth quarter in a row Dublin has recorded a price increase and puts the mix adjusted average asking price in the capital at €244,000.

The mix adjusted average asking price nationally declined by 0.7% in Q1 - - the lowest rate of decline in over six years – to now stand at €188K.

In Dublin the annual percentage change is up almost 4% while the national figure is down almost 5%.

Caroline Kelleher, of DKM Economic Consultants, who is author of the quarterly report, says the latest figures show significant volatility in asking prices across the country and across property types.

The volatility in asking prices is a feature of the transition phase that is currently underway in the market, which is being influenced by fluctuations in stock levels and the changing expectations of sellers. Despite this volatility the figures show the recovery in Dublin continues to gather momentum while it has yet to become firmly established elsewhere,” Kelleher said.

“A study of transaction data in our report shows the Dublin market bottomed out in Q4 2012 with the national market doing so in Q1 2013. However it’s clear the recovery in house prices will not necessarily happen in a straight line and at the same pace around the country.

New instructions highlights Dublin recovery: A separate analysis in the MyHome.ie report based on new sale instructions to the market shows that the median asking price has increased nationally and in Dublin.

In the year to Q1 the median asking price for new sale instructions in Dublin was up 10.2% while nationally it increased by 6%. This is in contrast to new instructions outside Dublin which continue to show an annual decline in the median asking price of 3.2% suggesting that the national trend is being influenced by Dublin to a significant degree.

Kelleher said it was clear new properties to market were being priced higher then properties which have been on the market for some time and indicates changing expectations among sellers in response to recent market developments.

A review of a sample of 2,000 transacted properties up to Q4 2013 for which matched data was available from MyHome.ie also indicates a strong increase in prices. The analysis shows that the mix adjusted transaction price nationally increased by over 9% in the year to Q4 2013 while the corresponding increase in Dublin was 16.5%.

Angela Keegan, managing director of MyHome.ie said that while the Property Price Register was showing increased momentum in the market it was likely that national price trends are being influenced by key urban markets such as Cork and Galway and counties in the Greater Dublin area.

“The trends identified in new instructions and recent transactions are most welcome. However the road to recovery is a marathon not a sprint and the return to a properly functioning property market will only come about when we see a substantial increase in transactions, an increase in supply and low digit sustainable price growth” Keegan concluded.

MyHome.ie report [pdf]

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