Cost of second hand homes in Dublin rise 1.9% in first quarter

The average price of a used property in Dublin rose 1.9% between January and March compared to the previous three months, new data from DNG shows.

That’s more than twice the level of growth recorded in the city in the same month of last year and leaves the average price of a resale property in the capital at €542,110, up from €519,774 at the end of March 2023.

The estate agents say the increase was driven by a combination of strong demand and ongoing low levels of stock.

As a result, prices in Dublin in the year to the end of March were up 4.3%, stronger than during the year to the end of December when they climbed by 3.3%.

“Strong demand, particularly at the entry level to the Dublin market, combined with the very low stock of available second hand homes for sale, resulted in an uplift in prices during the first quarter of the year, as buyers competed for the limited supply of homes for sale,” said DNG Director of Research, Paul Murgatroyd.

“It is therefore no surprise that the strongest price growth during the first quarter was seen in west Dublin and at the starter home level of the market.”

Prices in the west of the city increased by 3.7% on average, compared to rates of increase of 1.6% on Dublin’s southside and 1.4% on the northside of the city.

In the full year to the end of March 2024, the rate of price growth in west Dublin was more than double the rate recorded in other parts of the city, with prices increasing by 7.8%.

Apartment prices grew by 1.3% during the first quarter, the biggest increase recorded since the second quarter of 2022.

More than half of all properties were bought by first-time buyers.

66% of buyers used a mortgage to complete their purchase, whilst a further 25% used cash or another form of finance.

“We saw the rate of price inflation recorded by the HPG pick up in the final quarter of 2023 and that trend has continued into the start of 2024,” Mr Murgatroyd said.

Article Source – Cost of second hand homes in Dublin rise 1.9% in first quarter – RTE

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