House prices: Cork seeing a rise and Dublin seeing the first fall in 3 years
By The Headlines, December 28, 2022 | 10:28 PM
"Irish homes prices are still unbalancing, with cork seeing a rise and Dublin seeing the first fall in 3 years."
"Interest rates have been rising in many areas and people are starting to buy or sell homes based on that."
According to the latest figures released by the REA real estate group, house prices in Cork have increased by 1.4% in the last quarter of 2022.
Rising interest rates and increasing energy costs have dampened house prices in Dublin for the first time in three years. This is not a bad thing as it allows for more affordable housing options for prospective homebuyers.
In Dublin, prices dropped by 0.34% last month; it had been dropping since September, but that was the first monthly decrease. Nationwide, house prices went up this month by 0.36%. First-time buyers make up over half that market with 61% of all sales from them.
Sales have been slowing down a bit (especially in terms of affordability)
"The price of properties in Dublin is traditionally high. In September 2019, prices averaged €495,833 and this recent fall back is the first since then."
The REA index is a survey that uses the sale price of 3-bedroom, semi-detached houses to create a nationwide picture of the second-hand property market...
"However, north Dublin where the average price is €416k saw a small increase of 0.4% this year with REA Grimes reporting that homes are sold faster when priced correctly."
Sligo has seen the highest increase in house prices of all counties in the last quarter with a staggering 6.8%. Mayo is doing pretty well too and has only dropped by 2.6% to €190,000
"We're still seeing a lot of investors selling their properties and landlords may be more inclined to put their properties on the market come March, once the ban on evictions is lifted."
County Donegal is the cheapest in Ireland and just saw house prices rise by 3.6% in the last quarter, for example. With an average sales price of €145,000, this is up €17,500 from last year. They found that the cost of building your own house has risen over time and that it's now cheaper to find an existing home. Of course, this is with the rising cost of materials and increased building costs.
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