The MyHome.ie Property Barometer is commissioned by MyHome.ie from DKM Economic Consultants. The report provides an analysis of asking prices in the housing market across Ireland.
The latest data from MyHome.ie shows that while the Irish residential property market has seen a dramatic increase in asking prices over the past 12 months, the last quarter of the year has shown some slight moderation in the rate of increase. In Dublin, the average asking price was up 2.2% in Q4 2014; however, this rate of increase was slightly down on the previous two quarters when asking prices grew by 3.0% and 4.5% respectively. Currently the mix-adjusted average asking in Dublin stands at €269,000. Similar trends were also evident in the national figures. Nationally, the mix-adjusted average asking was up 0.6% quarter on quarter in Q4 2014; slightly more modest than the growth experienced in Q2 (1.3%) and Q3 (1.4%). The average mix adjusted asking price nationally is now at €194,000, up 2.6% in the year.
Caroline Kelleher from DKM Economic Consultants said that while there was strong price growth in 2014 and strong transaction activity, uncertainty over a number of new developments in the market are likely to dampen the rate of price increase in the coming year. “The Central Bank’s new guidelines on mortgage lending which are expected to introduce a Loan to Value limit of 80% for new lending along with separate proposals to restrict any residential mortgage to 3.5 times gross annual income have the potential to limit the rate of price increases seen in recent times” Ms Kelleher said. However the weak supply of new houses, particularly in the Dublin region remains a challenge for 2015.
The latest MyHome.ie Property Barometer, co-authored by Caroline Kelleher of DKM, shows that asking prices for properties in in Dublin and around the country continued to show positive growth in quarter three.
Nationally the mix adjusted average asking price increased by 1.4% while in Dublin asking prices were up 3%. This is the sixth quarter in a row Dublin has recorded a price increase and puts the mix adjusted average asking price in the capital at €263K, an increase of €8K on Q2. The average mix-adjusted asking price nationally now stands at €193K.
A sample of transacted properties up to Q3 taken from the property price register and matched with available data from MyHome.ie indicates even stronger price growth. On an annual basis the average transaction price nationally has increased by 16.5% in the past year while in Dublin the average transaction price has increased by 25%.
The author of the report Caroline Kelleher from DKM Economic Consultants said the figures highlighted ongoing supply issues. “There were only 500 completions in the capital in Q1 which falls significantly short of requirements. As a result our expectation is that prices will continue to rise over the coming months”.
“We are entering a key period for the market and this will determine whether or not decisive progress is made on the measures contained in Construction 2020” Ms Kelleher saidDownload Report
The latest MyHome.ie Property Barometer, co-authored by Caroline Kelleher of DKM shows that the mix adjusted average asking price in Dublin increased by 4.5% in Q2 2014, the largest increase since Q1 2006.
This is the fifth quarter in a row Dublin has recorded a price increase and puts the mix adjusted average asking price in the capital at €255, an increase of €11K on Q1.
The national mix adjusted average asking price grew by 1.3% for the same period – the first such increase since the peak of the market in Q4 2006 – according to the latest house price survey from MyHome.ie.
The average mix-adjusted asking price nationally now stands at €190K.
The author of the report Caroline Kelleher from DKM Economic Consultants said that while the recovery in national prices was encouraging, the stronger price growth in Dublin means the divergence between the capital and country is continuing to widen.
"Focusing on new sale instructions to the Dublin market, we see that the median asking price has increased 7.4% in Q2. This clearly reflects rising expectations among sellers in the current market.
Ms. Kelleher also stated that "supply constraints are clearly a key factor in Dublin and other key markets and these would appear to be driving the current price increases. Given the time lag in addressing supply issues it is likely prices will continue to rise in these areas for some time to come."Download Report
The latest MyHome.ie Property Barometer, co-authored by Caroline Kelleher of DKM shows that the national average mix-adjusted asking price remained relatively stable this quarter while in Dublin the mix-adjusted average asking price increased by 1.3%. The mix-adjusted asking price nationally is €188K compared to €244K in Dublin
However, a separate analysis of new sale instructions to the market shows that the median asking price has increased by 6% nationally and by 10.2% in Dublin. This is in contrast to new instructions outside Dublin which continue to show an annual decline in the median asking price of 3.2% suggesting that the national trend is being influenced by Dublin to a significant degree.
Ms Kelleher said it was clear new properties to market were being priced higher then properties which have been on the market for some time and indicates changing expectations among sellers in response to recent market developments. “In the current transition phase which is underway in the property market, vendors want to react to market developments and reports of rising house prices, however not every location will accommodate these price increases.Download Report
Thursday 2nd January 2013 The weak supply of new houses in the Dublin region will be one of the main challenges facing the property market in 2014 according to the author of the latest house price survey from MyHome.ie
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 outside the capital 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.Download Report
The latest MyHome.ie Property Barometer, co-authored by Caroline Kelleher of DKM, shows continued signs of stabilisation in the market. Asking prices continue to rise in Dublin, while prices have remained unchanged in Cork City, Limerick and Galway.
Nationally, asking prices continue to fall, however the rate of decline has moderated. The mix adjusted average asking price nationally declined by 1.4% in the quarter and now stands at €191,000.
Asking prices in Dublin increased by almost 1% in the quarter to bring the mix adjusted average asking price to €240,000.
The author of the report, Caroline Kelleher from DKM Economic Consultants said “the figures show the two tier market which exists between Dublin and the rest of the country is continuing to gather momentum, with the average mix adjusted asking price in Dublin is now 26% above the national average.
However, as the lack of supply is a key issue impacting on both asking and transaction prices, the mild recovery in Dublin asking prices may be stymied in coming months as issues around mortgage arrears are addressed.”Download Report