Renewed price momentum in the first three months of the year indicates that the property market is set to rebound in 2016, but Dublin is likely to lag behind the rest of the country according to the latest house price survey from MyHome.ie in association with Davy. Having declined towards the end of 2015, asking prices for newly listed properties for sale rose by 2.1 per cent nationally and by 0.9 per cent in Dublin in quarter one. The report predicts Irish house price inflation will register another solid gain of close to five per cent in 2016, with the rest of the country leading Dublin, due to affordability constraints in the capital.
The general recovery in property prices around the country was evidenced by a surge in the price of three bed semis in Mayo. In the first three months of the year the price of this house type in the county went up by 15 per cent to €115k. In contrast the price of four bed semis rose by less than one per cent to €130k, but that is still up six per cent year on year. The median asking price across all property types in the county was up almost four per cent to €130k in the quarter.
The mix adjusted asking price for new sales nationally is €220k, an increase of €5k on quarter four 2015, while the corresponding figure for Dublin is €315k, an increase of €2,600. For the entire stock of properties listed for sale on the website the national mix adjusted figure is €208k while in Dublin the figure is €290k.