The newest property market data shows that prices have risen by 2.4% in the last quarter. But year-on-year, prices are down by 0.5%. Moreover, the data is different across Ireland. With property prices down in Dublin by 0.6% compared to a year ago, while Connacht/Ulster has seen a 0.6% increase.
The main takeaways
Looking at property markets can be a bit of a head whirl. So, here are the main takeaways from Daft.ie’s Irish House Price Report 2023. Between March and June, average list prices rose by 2.4%; this is the first-time prices have risen quarter-on-quarter since the same period in 2022. But sometimes focusing on quarter-on-quarter changes is too narrow. There can be considerable seasonality with property markets, as listings tend to quieten down at the end of the year and pick up at the beginning. With this in mind, prices are down 0.5% year-on-year.
Homes available to buy increased
Moreover, the number of houses available to buy has increased. On June 1st, there was just over 13,000 – roughly up 5% from the same date last year.
Newly built homes increased
Furthermore, more and more newly built homes are being bought. There were almost 5,400 transactions of them in the six months leading up to 2023. This was up 21% from the year before. The median price of a newly built home is €395,000, up 11% year-on-year.
A closer look at property prices in Dublin
Property prices in Dublin have not been the same across the board. North Country is a tranquil, family-friendly spot in Ireland. Just a twenty-five-minute drive from Dublin’s city centre, Malahide Castle and Gardens, with 260 acres of lush parkland, a fairy trail, butterfly garden, 800-year-old castle and a model railway museum just a short walk away. Year-on-year, property prices in North County have decreased by 0.4%, with the average property price being €376,655. Additionally, South City saw a decrease of 1.4%.
South County also saw a decrease by 3.8% year-on-year. However, South County is the most expensive area of Dublin with the average house at €637,318. It is home to Trinity College, the Little Museum of Dublin, the National Wax Museum, and the Guinness Storehouse.
By contrast, the most affordable place to buy a home in Ireland is Leitrim, in the north-western region, where the average property price is €175,296.
However, the West County saw prices increase both year-on-year (0.9%) and on a quarterly basis (1.2%), the average price is €376,655. North City saw an increase of 0.1% year-on-year.
The city centre saw a quarter-on-quarter change 2.4%, and a year-on-year-change of 2.7%.
Meanwhile, the supply of properties was down by 3% from last year. Overall, compared to a year ago, property prices in Dublin were down 0.6%. This marks the first annual drop in prices for three years, since early 2020.
Leinster is a southeast province in Ireland. In Leinster (outside of Dublin), prices finally increased by 2.2%, following two quarters of decreases. But this marks no year-on-year change. However, there were more properties for sale, up by 16%.
Over in the south, in Munster (home to Cork, Kerry and Limerick), prices have risen by 4.3%. This is after three quarters of falls. Despite this quarterly increase, prices are down 1% year-on-year.
In the west, Connacht/Ulster (home to gorgeous Galway City), prices increased by 5% in three months, and 0.6% year-on-year. Other than a small fall in the first quarter, this is the only province in which prices consistently went up. Connacht has a largely stable supply of property, up 3% from last year.