First house price rise in Dublin for 6 years
For the first time in six years, Dublin house prices actually rose on an annual basis but there was no let up in the decline of national prices.
That’s according to the latest survey from Myhome.ie, which also found that there was a near 4pc asking price rise in south Dublin over the year-to-date.
Nationally, the rate of decline in house prices continues to moderate, coming in at a 1.9pc decline in Q2.
Mix adjusted asking prices in the capital also rose by 1pc in the second quarter generating an average price of E238K, an increase of E2,000 on the first three months of the year.
In Cork, prices remained unchanged for the second quarter in a row while the city recorded an annual percentage fall of just 2pc.
The mix adjusted asking price nationally declined by 1.9pc in Q2, to stand at E193K, down 53pc from the peak.
The annual rate of decline is 8.6pc. The corresponding figure this time last year was 15pc.
The author of the report, Caroline Kelleher from DKM Economic Consultants said the findings suggested that the trough in the current property cycle has been reached in Dublin.
“As well as showing modest annual growth in Dublin, these figures indicate key markets such as Cork are likely to follow suit in the near future. While nationally prices are continuing to fall, the rate of decline continues to moderate. These signs are encouraging but further improvements in the economy and employment will be needed to sustain this and to see it spread to markets outside the capital,” Ms Kelleher said.
Angela Keegan, Managing Director of MyHome.ie described the latest figures as very encouraging and said she believed the trend towards price stabilisation would spread to other cities in coming months.
“We have consistently said that any recovery would happen first in Dublin and it’s very positive to now see prices stabilising in Cork and other counties like Kildare. One issue in Dublin and some other urban areas is a shortage of stock. In the capital stock levels are down a third in the last 12 months although they are up 7.6pc on Q1. Competition for properties is driving prices in some parts of the city and an increase in the supply would ensure affordability – which has improved dramatically