Property prices to rise for first time in 6 months
Here comes the latest good property news for anyone engaged in auctioneering and real estate in Ireland.
According to the Central Statistics Office (CSO), residential property prices rose on average by 0.8pc from March to April. In Dublin the rise in prices sums up to just 0.2pc, while in the rest of Ireland the average rise was 1.2pc. Dublin prices are now 1pc higher than in April 2011 and prices elsewhere are 2.8pc lower.
The average price of a property nationwide is currently €156,000, down from €314,000 at the height of the housing boom in 2007. Dublin prices are now on average €188,400, down from a peak of €430,000.
However, the figures don`t include half of all transactions because they are cash deals without mortgages and the Society of Chartered Surveyors Ireland (SCSI) says that they offer only an inaccurate reflection of the prices in some parts of Dublin.
“It is our experience that demand for family homes in good condition in well-established areas has pushed prices higher than 1pc and as such a broad average figure is no longer reflective,” they explained.
It seems that Dublin holds a different fate to the rest of the country. Investec Ireland economist Philip O’Sullivan said prices outside the capital were probable to fall, while prices in Dublin would increase.
Due to constrained mortgage lending, the new property tax and an increase in repossessed homes, the outlook is uncertain but on the other hand the rising rents and improved affordability should keep house prices from dropping.
Don`t forget to check out our blog on a regular basis in order to get the latest property related news.