Following a dramatic surge in house prices during the summer, asking prices in Q3 paused for breath, rising by a modest amount according to the latest house price report from MyHome.ie
The mix-adjusted price on newly listed properties nationally rose by 0.4% during the quarter while prices in Dublin rose by just 0.1%. Newly listed properties are seen as the most reliable indicator of future price movements.
The mix adjusted asking price for new sales nationally is now €232K, while the corresponding figure for Dublin is €327K - an increase of €1K for both on Q2.
As with most of the country, Q3 was a quarter of stable or moderate prices gains for Tipperary property. While the prices of 3 bed semis fell fractionally to €130K, the price of 4 bed semis rose by 4.52% to €156,500, an annual increase of just 1%.
The prices of 2 bed apartments rose by 8.3% to €52,500, an increase of over 10% on this time last year.
For the entire stock of properties listed for sale on the website prices rose 0.9% nationally and 0.4% in Dublin. The national mix adjusted figure is now €215K up €2K while in Dublin its €297K.
The author of the report, Conall MacCoille, Chief Economist at Davy, said it was clear that following a busy summer trading period asking prices were now cooling as we head into the autumn months.
“The big picture is that the lack of housing supply is now clearly hurting transactions. In the first eight months of this year transactions are down 5% on 2015, albeit with some recovery in August. Clearly there are few constraints from the mortgage market with €1.8bn of approvals in the three months to August.”