Asking house prices in Tipperary continued to show signs of stabilisation in the fourth quarter of the year, with the latest survey from property website MyHome.ie showing that the median price for a four-bedroom semi-detached home in the county remained unchanged at €149K.
There was a 1.2% decline in the asking price of a 3-bed semi-detached home in Tipperary during the last quarter, with prices now standing at €123K.
The decline means prices are at the same level as they were at at the start of the year in Q1 2013.
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 decline in the past six years. The mix adjusted asking price nationally now stands at €189K, down 5.6% on a year ago.
The annual mix adjusted asking price in Dublin rose by 2.4% last year, the largest annual increase in seven years. The average asking price in Q4 rose by 0.6% to €241K.
Angela Keegan, Managing Director of MyHome.ie said 2013 was a positive one overall for the property sector after six very challenging years and prices look set to rise further in certain urban regions
“People are looking ahead to 2014 with renewed confidence. It’s very heartening to see the median price of 4 bed semis rising or remaining stable in most of Leinster and Munster. We believe prices will continue to rise in key areas of Dublin, Cork and Galway in the coming year. In large part this will be driven by the weak supply situation.
The current 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” Ms Keegan said.
The author of the report Caroline Kelleher from 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 she warned that prices around the country have yet to bottom out.
“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.
There is now a 28% price differential between mix adjusted asking prices nationally and in Dublin compared to a 17% difference a year ago” Ms Kelleher said.
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.