First time house buyers in the capital are increasingly turning to commuter counties, in search for more affordable homes.
That’s according to the latest Irish Independent/REA average house price index.
House price inflation has hit a 10-year high, with the average house in Dublin now costing over 572 thousand euro, a 9 per cent annual rise of almost 50 thousand euro.
Seamus Carthy, REA spokesperson, says while the market has been consistently busy, Dublin agents are seeing a slow-down in viewing activity for houses in recent weeks.
"You see in the likes of Kildare in particular, in this last quarter it has seen in effect, a 5 per cent rise.
"Overall, in towns like Celbridge, Maynooth and Naas, we're seeing that shift again out towards these more affordable properties.
"So as a consequence, when you look at the overall picture there's a feeling that in some locations in Dublin, maybe these affordability ceilings have been reached."
Meanwhile, frustrations among house hunters is growing as the age profile of first time buyers continues to increase.
Another housing report from Daft.ie found prices are up 40 per cent since the start of the pandemic.
Mr Carthy says younger buyers are being pushed further and further out.
"First time buyers going back ten or twelve years ago, they were maybe 27, 28 years of age. These people now are now into their 40s or late thirties.
"So there's a frustration there to get onto the property ladder."
Image: Eamonn Farrell/RollingNews.ie
