Asking-price growth at ten-year high – Daft.ie
The average asking price of a home listed on the property website Daft.ie in the second quarter (Q2) of this year was 12.3% higher than a year earlier, its latest report shows.
This was the fastest annual rate of growth for ten years, according to the website.
In a commentary on the figures, Ronan Lyons (associate professor in economics, TCD), said that the market was seeing double-digit increases in prices “more or less across the board”.
‘Too few homes on market’
“The underlying reason is largely unchanged. There are simply too few homes on the market at the moment,” the economist stated.
“On top of an insufficient number of new homes being built, there are also not enough second-hand homes being traded,” he added.
In the year to 1 June, there were a total of just over 51,000 second-hand homes put on the market, compared with 63,000 in 2022.
‘Step in right direction’
Lyons pointed, however, to “early and tentative signs” that conditions were turning in the Dublin market, where the volume of second-hand homes put up for sale over the last 12 months grew by 3%.
He added that the stock of second-hand homes still for sale in Dublin on 1 June was almost 10% higher than on the same date a year earlier.
The total number of homes for sale on 1 June was over 12,000, compared with below 9,300 on 1 March.
“A healthy market is probably above 30,000, but at least these latest figures show a step in the right direction,” said Lyons.