April 19, 2021
Business News

Up, up, up! Waterford bucks trend as house prices hit €223,000

House prices in Waterford city and county are rising more than in any other part of the country a new report reveals.

Waterford is just one of six counties in Ireland where house prices are still rising according to the latest Daft.ie sales report.

The report also reveals house prices are falling in the majority of counties for the first time in nearly ten years.

Despite the rise in house prices in Waterford, the rate at which the house prices are increasing has slowed dramatically.

In Waterford City, prices in the final quarter of 2019 were 3% higher than a year previously, compared to a rise of 9% seen a year ago.

The average house price in city is now €181,000, over €70,000 more than the lowest price recorded post economic-crash.

In county Waterford, prices in the final quarter of 2019 were 2% higher than a year previously, compared to a rise of 7% seen a year ago. The average house price is now €223,000, 55% above its lowest point.

In Ireland housing prices fell by 1.2% during 2019, the first calendar year recording a fall in prices since 2012.

The average price nationwide in the final quarter of the year was €250,766, 2.4% lower than in the third quarter and 1.2% lower than a year ago.

Dublin is recording a between 2% and 4% reduction in house prices depending on where the house is in located.

In the other main cities, prices were higher, with year-on-year increases of 0.8% in Cork and 2.9% in Limerick. There was no change recorded in Galway.

Outside the cities, prices were also falling, by between 0.8% in Munster and 2.6% in Connacht-Ulster.

Reviewing the latest figures, and the performance of the housing market over the last decade, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said: “In the first and final quarters of the 2010s, sale prices were falling – but that is where the similarities end.

“Over the last ten years, the sales segment of Ireland’s housing market has transformed, albeit slowly. As it enters the 2020s, there appears to be relatively good balance between the pipeline of newly built owner-occupied housing and the number of households able to buy that housing, given constraints such as the mortgage rules. Where falling prices represent the ability of developers to build new homes for less, this fall is good for the country’s competitiveness.”

 

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