Local housing crisis deepens as average prices in Waterford soar to €215,000
Average national house prices have fallen for the first time over a year since the depths of the recession – except in Waterford city where the average price of a house is now €215,000.
The 2.4pc hike in the city bucks the trend that has seen the the average nationwide price of a three-bedroom semi-detached house, drop 0.6pc in the past 12 months, the Q4 REA Average House Price Index has found.
The increase in prices will heap more pressure on local hard-pressed first time buyers who are already finding it extremely difficult to get their feet on the property ladder.
A family home nationally now costs €234,704 on average, a small drop of 0.1pc on the Q3 figure of €235,009.
“We have seen a more stable quarter, with less negativity and 15 counties recording no movement in price. However, it has not been enough to keep the overall index in the positive against last year’s figures,” saidREA spokesperson Barry McDonald told the Irish Independent.
“It is now taking 10 weeks to reach sale agreed in Dublin city and county compared to eight weeks a year ago, and these increases are reflected in commuter areas and our other major cities,” said Mr McDonald.
The price of the average three-bed semi-detached house in Dublin now stands at €425,833 – down €20,000 from €445,167 a year ago.