Significant Slowdown in Dublin Housing Market
The average ‘sold price’ for houses across Dublin this year is almost identical to last year, indicating that growth in the housing market has slowed down, according to new research by Perfect Property, Ireland’s innovative property search engine. An analysis of the Property Price Register by Perfect Property shows that the average sold price of a house in Dublin in Q1 2018 was €417,037, while in Q1 2019 the average sold price was €418,429, showing an increase of just 0.33%. The average current listing price on Perfect Property for the start of Q2 2019 is even lower at €372,000.
The figures also show a surprising drop in house prices in some key hot spot areas across Dublin. Ranelagh has seen house prices drop by 2.3% when you compare Q1 2019 to Q1 2018 while in Donnybrook, Stoneybatter and Clontarf, sold prices have dropped a significant 12.45%, 11.38% and 8.08% respectively.
Other areas, however, have seen an increase in price. Smithfield has incurred the biggest increase, with house prices 31.73% higher in Q1 2019 compared to Q1 2018, followed by Portobello rising 21.97% and Saggart not far behind at +20.35%.
This research was carried out by property search platform, Perfect Property, which features properties from a range of estate agents including REA, Knight Frank, Savills, REMAX and Sotheby’s. Currently the total average value of property uploaded to the website every day is €20.3 Million, with new properties worth more than €142 million added every week. The platform has a wide range of user-friendly features, meaning it is fast becoming the property search portal of choice for home buyers and sellers, as well as those seeking a new rental property.
Commenting on the recent figures, Laura Pollard, Managing Director of Perfect Property, said: “Reviewing achieved sold prices, rather than listing prices, is key to understanding the true state of the market. The minimal growth from last year shows the impact of tightened lending criteria and concern over what a post-Brexit market could look like. However, the lack of growth has not been experienced in all areas with hot spots such as Rathgar, Portobello, Clondalkin and Smithfield experiencing an increase in sold prices, so the research has produced varied and interesting results.”
