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Price Hikes In Dublin Housing Are Slowing Down


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A new survey by Real Estate Alliance has revealed that increasing Dublin house prices are slowing down.

The association's Q3 Average House Price survey found the price of the average home in Dublin has increased by just 0.1% over the last three months, compared to Q3 last year which saw a 4.1% increase. 

The data is based on a second-hand three-bed semi-detached house in Dublin City's postcode areas, the price of which increased by 12.5% in 2017. 

The average price of this type of house currently stands at €443,333 but has only seen a €5,300 increase this year. 

North and South County Dublin have contrasting rates of increase, with the North of the county experiencing a higher increase of 7.5% in the past 12 months compared to prices in the South which grew by only 2.4%.

However, North County Dublin is still the cheaper area to live with prices averaging at €322,500. South County Dublin has a standard price of €410,000. 

REA spokesperson Barry McDonald the Central Bank rules on lending have had an impact on the market and are keeping a lid on prices. 

“The effect of the Central Bank’s borrowing rule on price ceilings is brought sharply into focus by a drop-off in viewings for four-bedroomed housing in certain areas where they are priced over €400,000, for example."

He acknowledged that agents are pointing to the good summer we've had as a reason for less transactions; “However, there is a defined slowdown in the annual rate of house price inflation as measured in our survey, which is the most reliable indicator of a stable market.”

 


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