q1 2016 daft house price report

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    Starting in 2013, house

    price ination reappeared

    in the capital, after an

    absence of six years and

    within 18 months, prices

    had risen by over 40% on

    average – and almost 50%

    in some districts.The introduction of the Central Bank rules,

    however, has nipped a new housing bubble in the

    bud and since then prices in Dublin have barely

    budged, rising 0.9% in the year to March according

    to the gures in this report. What the Central Bank

    eectively did was freeze credit conditions the way

    they were in late 2014 and thus prices are now

    being driven not by bank lending practices or by

    expectations, but rather by the more fundamental

    forces of supply and demand.

    The issue in the Irish housing market currently – and

    in particular in the greater Dublin area – is a lack of

    homes. Every month, roughly 2,000 new households

    are formed, each requiring somewhere to live. But

    each month currently sees the construction of at

    best 1,000 new homes. In Dublin, the gures are

    even starker – nearly half of all new households are

    being formed in or around the capital but only 150 or

    so properties are being built each month in the cit y.

    The result is that fewer and fewer homes are on

    the market. And this is a trend that is common to all

    parts of the country now, not just Dublin, which did

    not see any signicant over-construction during the

    bubble years. The rst graph below shows the total

    number of properties on the market each month

    from 2010 on. It is clear from the graph that the

    tightening of supply in Dublin took place between

    2011 and early 2014 and if anything has improved

    slightly since.

    Total number of properties actively for sale, by

    region, 2010-2016

    Elsewhere in the country, however, the trendtowards tighter and tighter supply continues, with

    less than half the number of homes on the market

    now compared to four years ago. It’s worth noting,

    however, that Dublin has a larger population than

    any of the other three regions shown in the graph.

    So, on a per-capita basis, Dublin remains the most

    starved market: there are just 27 homes for sale for

    every 10,000 people in Dublin, compared to 62 per

    10,000 people elsewhere in the country.

    Ronan Lyons, Assistant Professor

    in Economics, TCD

    The Daft.ie House Price Report – 2016 Q1 | 2

    The Good and the

    bad in the marketcurrently.Perhaps the most remarkable feature of the Irish housing

    market over the last couple of years has been the

    dramatic start and end of house price ination in Dublin.

     

    LeinsterDublin Conn-Ulst Munster

    2010 2011 2012 2013 2014 2015 2016

    0

    5,500

    11,000

    16,500

    22,000

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    Cork City

    €232,145  |  14.9%

    Limerick City

    €149,989  |  18%

    Galway City

    €228,222  |  14.0%

    Waterford City

    €134,945  |  18.0%

    NationwideAverage asking prices and Y-on-Y change

    DublinAverage asking prices and Y-on-Y change

    North County€265,147  | 1.1%

    South County€517,774  | -1.8%

    West County€268,269  | 1.1%

    South City€345,203  | 1.0%

    City Centre€249,033  | 0.3%

    North City€283,887  | 2.0%

    MN

    €141,700

    11.0%

    CN

    €133,530

    18.3%

    WH

    €150,437

    10.5%

    LD

    €100,237

    5.0%

    LH

    €170,862

    11.6%

    MH

    €210,619

    9.8%

    KE€216,552

    8.1%

    WW

    €277,549

    4.9%

    WX

    €165,422

    9.9%

    CW

    €143,644

    2.2%

    KK 

    €176,644

    9.5%

    LS

    €140,888

    12.0%

    OY

    €143,920

    5.3%

    G

    €163,039

    13.3%

    MO

    €127,664

    5.7%

    SO

    €114,102

    2.6%

    DL

    €132,442

    10.0%

    RN

    €113,466

    8.4%

    LM

    €111,964

    15.9%

    CE

    €149,999

    12.5%

    T

    €148,331

    4.5%L

    €151,405

    6.6%

    C

    €179,581

    11.6%

    KY

    €164,927

    6.2%

    W

    €183,336

    9.9%Prices up 28% from their lowest point

    Nationally, the average asking price reached its lowest point in

    the third quarter of 2013 and has risen 27.9% - or just under

    €46,000 - since then. In Dublin, however, the bottom was

    reached in the second quarter of 2012 and prices have risen

    by an average of 41.4% - or €91,000 - since that time. The last

    part of the country to see prices level o was Limerick - in

    both Limerick city and county, prices only reached their lowest

    point in the nal quarter of 2014 but prices have risen by 26%

    in the city (and by 15% in the county) in the last 12 months.

    The Daft.ie House Price Report – 2016 Q1 – 2015 Year in Review | 65  | The Daft.ie House Price Report – 2016 Q1

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    2.9%Quarter-on-quarter change in average asking prices

    Daft.ie Asking Price Index Annual ination in listprices falls to 5.9%The annual increase in average house prices currently stands at 5.9%,

    compared to 8.5% three months ago and 15.5% at the start of 2015.

    2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

     January 185.3 213.8 212.9 184.5 151.6 128.2 105.6 96.8 99.9 112.8 121.9

    February 200.2 215.8 212.3 180.9 150.3 128.1 104.5 96.1 99.3 117.6 112.8

    March 198.1 214.8 209.6 177.4 146.7 125.3 102.9 96.6 103.3 119.1 125.4

    April 203.2 216.5 208.1 174.7 146.6 121.8 101.7 96.6 104.5 118.7

    May 205.3 217.5 205.7 171.0 145.0 120.1 102.2 97.0 107.2 119.4

     June 207.1 217.1 203.4 167.7 141.8 116.1 99.5 97.5 107.9 118.2

     July 209.3 219.2 202.3 165.1 138.0 115.4 97.8 96.5 109.9 120.3

    August 210.4 217.5 199.6 161.2 137.6 113.1 98.9 97.0 111.2 120.4

    September 213.8 215.8 198.1 159.2 136.5 113.3 97.1 96.7 112.9 121.5

    October 214.7 214.8 193.7 156.4 134.0 108.7 97.9 97.2 110.5 120.6

    November 212.8 212.4 188.2 152.3 130.9 106.0 95.8 96.9 110.0 119.5

    December 214.9 213.5 186.3 150.9 129.8 106.0 96.0 96.2 111.1 119.8

    Dublin house prices now

    eectively stable

    Having peaked at 24.5% in late

    2014, annual ination in Dublin

    house prices is now just 0.9%.

    Slight rise in speed

    of sales

    62% of properties nd within

    four months, a slight rise on the

    same gure a year ago (58%)

    and similar to late 2014.

    Quarter-on-quarter change in average asking prices(2012 average = 100)

    Stock of properties on Daft.ie(start of month) and ow of properties , 2007-2015

    Stock (lhs) Inflow (rhs) Outflow ( rhs)

    0

    2000

    4000

    6000

    8000

    10000

    12000

    14000

    2009 2010 2011 2012 2013 2014 2015 201620082007

    0

    10000

    20000

    30000

    40000

    50000

    60000

    70000

    Stock of properties on the

    market at 9-year low

    Having fallen from a peak of

    over 60,000 in 2009, there were

     just under 24,000 properties for

    sale in the country in April, thelowest since February 2007.

    The Daft.ie House Price Report – 2016 Q1 | 87 | The Daft.ie House Price Report – 2016 Q1

    The Daft.ie Asking Price Index is based on asking prices for properties posted for sale on Daft.ie. An index based on asking price, as opposed to closing price, is a measure

    of sellers’ expectations. Figures are calculated from econometric regressions, which calculate changes in price that are independent of changes in observable measures of

    quality, such as location, or bedroom number.

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    2.9%

    Daft.ie Transaction Price Index Dublin transaction prices rise

    4% in 12 monthsUsing transaction prices, the rate of ination in Dublin house prices has

    slowed from more than 20% to 4% in the last year.

    2010 2011 2012 2013 2014 2015 2016

     January 151.8 132.0 100.0 92.8 104.7 120.0 136.5

    February 145.5 127.8 99.9 94.3 100.1 125.0 130.0

    March 145.0 120.9 102.5 95.3 103.2 120.6 131.2

    April 146.2 122.0 102.3 97.9 107.4 123.0

    May 137.9 117.0 98.3 98.1 110.1 128.5

     June 142.6 115.8 97.4 100.1 111.4 130.8

     July 139.1 119.6 101.8 101.1 113.4 128.6

    August 138.1 114.0 99.5 101.5 119.1 132.0

    September 133.6 111.9 101.7 100.2 119.2 123.6

    October 130.2 108.0 98.0 103.5 120.8 132.0

    November 134.4 108.4 98.0 104.3 121.2 127.5

    December 133.9 108.3 100.6 106.5 118.1 114.8

    Outside Dublin,

    infation eases slightly

    By mid-2015, house price

    ination outside Dublin had

    risen to more than 20% - but

    by early 2016, it had slowed

    to 12.8%.

    First fall in transaction

    volumes since 2011

    There were almost 14,000

    transactions in the nal quarter

    of 2015, the second highest

    recorded since 2010 - but below

    the record amount of almost

    16,000 in late 2014.

    Transaction prices slightly

    above list prices across the

    country

    In most parts of the country, the

    ultimate transaction price was

    slightly above the original list

    price, from 0.5% in Dublin to 2.4%

    in Connacht-Ulster. In Munster,

    there was next to no gap.

    Transaction Prices, Residential Sales(2012 average = 100)

    Number of transactions recordedon the price register 2010-2016

    Q2

    ‘10

    Q3

    ‘10

    Q4

    ‘10

    Q1

    2011

    Q2

    ‘11

    Q3

    ‘11

    Q4

    ‘11

    Q1

    2012

    Q2

    ‘12

    Q3

    ‘12

    Q4

    ‘12

    Q1

    2013

    Q2

    ‘13

    Q3

    ‘13

    Q4

    ‘13

    Q1

    2014

    Q2

    ‘14

    Q3

    ‘14

    Q4

    ‘14

    Q1

    2015

    Q2

    ‘15

    Q3

    ‘15

    Q4

    ‘15

    0

    2000

    4000

    6000

    8000

    10000

    12000

    14000

    16000

    Q1

    2010

    Q1

    2016

    The Daft.ie House Price Report – 2016 Q1 | 109 | The Daft.ie House Price Report – 2016 Q1

    The Daft.ie Price Register Index is based on prices for residential properties recorded on propertypriceregister.ie, for which matches were found in the daft.ie archives.

    Because these are entered with a lag by solicitors, gures for previous quarters are subject to revision. Figures are calculated from econometric regressions, which calculate

    changes in price that are independent of changes in observable measures of quality, such as location, type, or size.

    * Latest quarter subject to signicant revision

    Quarter-on-quarter change in average transaction prices (provisional)

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    Asking prices nationwideAverage asking prices across Ireland (€000s), and annual change (%), 2016 Q1

    The Daft.ie House Price Report – 2016 Q1 | 1211 | The Daft.ie House Price Report – 2016 Q1

       L   E   I   N   S   T   E   R

       M   U   N   S   T   E   R

       C   O   N   N   A   C   H   T

       U   L   S   T   E   R

       O   T   H   E   R   C   I   T   I   E   S

    1 be d a par tment 2 bed ter race d 3 bed sem i- d 4 bed bung al ow 5 bed de tac he d

    Dublin 1   €163 9.5% €247 4.5% €344 4.1% €511   7.7%   € 62 2 0 .9 %

    Dublin 2   €221   -16.0%   €307   -6.0%   €440   -4.7%   €672   0.8%   €760   -8.4%

    Dublin 3   €205 4.1% €289   4.0%   €4 06 4.3% €66 3   7.1%   € 82 6 6 .6 %

    Dublin 4   €281   -5.1%   €399 1.8% €581   1.8%   €980   3.9%   €1,188   3.2%

    Dublin 5   €164   -6.1%   €206   -6.0%   €317 1.4% €527   7.5%   €615   2.5%

    Dublin 6   €281   -7.9%   €354   -7.8%   €543   -0.5%   €903   5.4%   €1,055   0.5%

    Dublin 6W   €225   -5.5%   €283   -5.4%   €435   2.0%   €723   8.1%   €845   3.1%

    Dublin 7   €167   -3.2%   €211   -3.1%   €324   4.6%   €538   10.8%   €629   5.6%

    Dublin 8   €174   -1.1%   €219   -1.0%   €336   6.8%   €559   13.2%   €654   7.9%

    Dublin 9   €170   -2.8%   €214   -2.6%   €329   5.0%   €547   11.3%   €640   6.1%

    Dublin 10   €107 1.0 % €135   1.1%   €207   9.0%   €344   15.5%   €402   10.1%

    Dublin 11   €126   -0.1%   €159   0.0%   €244   7.9%   €406   14.3%   €474   9.0%

    Dublin 12   €144   -3.8%   €181   -3.6%   €278   4.0%   €463   10.1%   €541   5.0%

    Dublin 13   €172   -4.9%   €217   -4.8%   €333   2.7%   €554   8.8%   €647   3.7%

    Dublin 14   €218   -4.4%   €274   -4.3%   €421 3. 2% €701   9.4%   €819   4.3%

    Dublin 15   €131   -5.8%   €165   -5.7%   €25 4 1.7% €422   7.8%   €494   2.7%

    Dublin 16   €190   -10.3%   €240   -10.2%   €368   -3.1%   €612   2.6%   €716   -2.1%

    Dublin 17   €116   -2.2%   €146   -2.0%   €224 5.7% €37 3   12.0%   €436   6.7%

    Dublin 18   €214   -8.7%   €270   -8.6%   €414   -1.4%   €688   4.5%   €804   -0.4%

    Dublin 20   €150   -5.3%   €189   -5.1%   €291   2.3%   €483   8.4%   €565   3.3%

    Dublin 22   €109 0.0 % €138   0.1%   €211   8.0%   €352   14.4%   €411   9.1%

    Dublin 24   €116   -0.3%   €146   -0.1%   €225   7.7%   €373   14.1%   €436   8.8%

    North Co Dublin   €134   -5.3%   €169   -5.1%   €259 2. 3% €431   8.4%   €503   3.4%

    South Co Dublin   €252   -8.0%   €318   -7.9%   €488   -0.7%   €812   5.2%   €948   0.3%

    West Dublin   €133   -5.7%   €167   -5.6%   €257   1.9%   €427   7.9%   €499   2.9%

    Cork City   €97 8.4% €117   15.0%   €204   24.1%   €357   24.5%   €441   16.3%

    Galway City   €88   8.5%   €106   15.1%   €185   24.2%   €323   24.6%   €400   16.4%

    Limerick City   €66 11. 4% €79   18.2%   €138   27.5%   € 241 2 7.9 % € 29 8   19.5%

    Waterford City   €56   11.3%   €68   18.1%   €118   27.4%   € 207 2 7. 8% € 25 6   19.4%

    1 bed apa rtm ent 2 be d ter ra ced 3 be d se mi -d 4 be d bunga low 5 be d d eta ched

    Meath   €78   -0.0%   €96   5.3%   €147   14.8%   €293   11.6%   €319   7.8%

    Kildare   €85   -1.3%   €105   3.9%   €161   13.3%   €319   10.1%   €348   6.4%

    Wicklow   €108   -3.8%   €132   1.3%   €203   10.4%   €403   7.3%   €439   3.7%

    Louth   €69 1.6% €84   7.1%   €129   16.7%   €257   13.4%   €280   9.6%

    Longford   €35   -4.2%   €43   0.9%   €65   10.0%   €130   6.9%   €141   3.3%

    Oaly   €53   -4.2%   €65   0.9%   €99   10.0%   €197   6.9%   €215   3.3%

    Westmeath   €56 0.6% €69   5.9%   €105   15.5%   €209   12.2%   €228   8.5%

    Laois   €54 1.8% €66   7.2%   €101   16.9%   €200   13.6%   €219   9.8%

    Carlow   €53   -7.0%   €65   -2.0%   €99   6.8%   €197   3.8%   €215   0.3%

    Kilkenny   €63   -0.0%   €78   5.3%   €119   14.8%   €237   11.6%   €258   7.8%

    Wexford   €57 0.4% €70   5.8%   €107   15.3%   €212   12.0%   €232   8.3%

    Waterford Co   €63 7.7% €77   10.7%   €119   17.4%   €240   16.0%   €263   11.1%

    Kerry   €56 4.0% €68   6.9%   €105   13.3%   €212   11.9%   €232   7.2%

    Cork Co   €63 9.1% €77   12.2%   €119   18.9%   €241   17.5%   €263   12.5%

    Clare   €53 10.1% €65   13.2%   €100   20.0%   €203   18.5%   €223   13.5%

    Limerick Co   €50 4.3% €60   7.2%   €93   13.6%   €189   12.2%   €207   7.5%

    Tipperary   €52 2.1% €63   5.0%   €97   11.3%   €196   9.9%   €215   5.3%

    Galway Co   €53 12.3% €59   13.0%   €90   21.7%   €187   16.9%   €210   9.9%

    Mayo   €48 4.2% €52   4.8%   €80   13.0%   €166   8.5%   €187   2.0%

    Roscommon   €39 7.3% €43   8.0%   €66   16.4%   €136   11.8%   €153   5.0%

    Sligo   €46 0.5% €51   1.2%   €78   9.0%   €161   4.7%   €181   -1.6%

    Leitrim   €41 14.9% €45   15.6%   €69   24.6%   €144   19.6%   €162   12.4%

    Donegal   €47   8.4%   €51   9.1%   €79   17.6%   €163   12.9%   €184   6.1%

    Cavan   €46 16.3% €51   17.0%   €78   26.1%   €161   21.1%   €181   13.9%

    Monaghan   €52 8.4% €57   9.1%   €88   17.6%   €182   12.9%   €205   6.1%

       D   U   B   L   I   N

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    DublinBetween January and March, average list pricesrose in all six regions in Dublin, with the smallest

    rise in South County Dublin.

    North CityAverage price: €282,887

    Qtr-on-qtr change: 2.1%

    Year-on-year change: 2.0%

    Change from trough: 43.5%

    City CentreAverage price: €249.033

    Qtr-on-qtr change: 1.4%

    Year-on-year change: 0.3%

    Change from trough: 48.5%

    South CityAverage price: €345,203

    Qtr-on-qtr change: 1.7%

    Year-on-year change: 1.0%

    Change from trough: 41.9%

    North CountyAverage price: €265,147

    Qtr-on-qtr change: 2.1%

    Year-on-year change: 1.1%

    Change from trough: 30.1%

    West CountyAverage price: €268,269

    Qtr-on-qtr change: 1.6%

    Year-on-year change: 1.1%

    Change from trough: 44.4%

    South CountyAverage price: €517,774

    Qtr-on-qtr change: 0.6%

    Year-on-year change: -1.8%

    Change from trough: 49.6%

    O ne y ea r a go Pr ev io us q ua rt er C ur re nt q ua rt er

    Proportion of properties marked as sale agreed and withdrawn, 2012-2016.

    0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

    Within 6 months

    Within 4 months

    Within 2 months

    How ast are propert es n Du n se ng?

     Average house price by area, 2006-2016.

    How ave ouse prices c ange ?

    D ub li n C ity Cen tr e N or th Dub li n C ity So ut h D ub li n C it y N or th Co un ty Dub li n Sou th Co un ty Du bl in We st Cou nt y D ub li n

    €100,000

    €200,000

    €300,000

    €400,000

    €500,000

    €600,000

    €700,000

    €800,000

    Q1

    2006

    Q1

    2007

    Q1

    2008

    Q1

    2009

    Q1

    2010

    Q1

    2011

    Q1

    2012

    Q1

    2013

    Q1

    2014

    Q1

    2015

    Q1

    2016

    The Daft.ie House Price Report – 2016 Q1 | 1413 | The Daft.ie House Price Report – 2016 Q1

    Stock on market stable

    The rst three months of 2016 saw similar numbers

    of properties on the market at any one time to a year

    previously - at an average of close to 3,400.

    Two thirds sell in 4 months

    67% percent of properties nd a buyer within four

    months in the capital - slightly up on the same period

    a year ago (65%).

    Transaction prices close to ask

    The average transaction price in Dublin is 0.5% a

    bove its original list price, compared to 3% above a

    year ago.

    Prices now falling

    Compared to a year ago, the average list price in

    South County Dublin is now 1.8% lower, the rs t year-

    on-year fall in the region since 2012.

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    LeinsterAcross Leinster, asking prices rose by 2-3% in

    the rst three months of 2016

    LouthAverage price: €170,862

    Qtr-on-qtr change: 3.8%

    Year-on-year change: 11.6%

    Change from trough: 34.0%

    MeathAverage price: €210,619

    Qtr-on-qtr change: 2.5%

    Year-on-year change: 9.8%

    Change from trough: 40.3%

    KildareAverage price: €216,552

    Qtr-on-qtr change: 2.5%

    Year-on-year change: 8.1%

    Change from trough: 38.1%

    WicklowAverage price: €277,549

    Qtr-on-qtr change: -1.3%

    Year-on-year change: 4.9%

    Change from trough: 36.5%

    WexfordAverage price: €165,422

    Qtr-on-qtr change: 3.2%

    Year-on-year change: 9.9%

    Change from trough: 32.4%

    LongfordAverage price: €100,237

    Qtr-on-qtr change: 2.2%

    Year-on-year change: 5.0%

    Change from trough: 19.0%

    WestmeathAverage price: €150,437

    Qtr-on-qtr change: 3.2%

    Year-on-year change: 10.5%

    Change from trough: 27.4%

    OffalyAverage price: €143,9307

    Qtr-on-qtr change: 4.1%

    Year-on-year change: 5.3%

    Change from trough: 19.2%

    LaoisAverage price: €140,888

    Qtr-on-qtr change: 3.3%

    Year-on-year change: 12.0%

    Change from trough: 35.8%

    KilkennyAverage price: €176,643

    Qtr-on-qtr change: 3.3%

    Year-on-year change: 9.5%

    Change from trough: 33.3%

    CarlowAverage price: €143,644

    Qtr-on-qtr change: 2.2%

    Year-on-year change: 2.2%

    From trough: 22.7%

    O ne y ea r a go Pr ev io us q ua rt er C ur re nt q ua rt er

    Proportion of properties marked as sale agreed and withdrawn, 2012-2016.

    0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

    Within 6 months

    Within 4 months

    Within 2 months

    How ast are propert es n Lenster se ng?

     Average house price by area, 2006-2016.

    How ave ouse prices c ange ?

    D ub li n C om mu te r C ou nt ie s W es t L ei ns te r S ou th -E as t L ei ns te r

    €100,000

    €50,000

    €150,000

    €200,000

    €250,000

    €300,000

    €350,000

    €400,000

    €450,000

    Q1

    2006

    Q1

    2007

    Q1

    2008

    Q1

    2009

    Q1

    2010

    Q1

    2011

    Q1

    2012

    Q1

    2013

    Q1

    2014

    Q1

    2015

    Q1

    2016

    The Daft.ie House Price Report – 2016 Q1 | 1615 | The Daft.ie House Price Report – 2016 Q1

    Slowdown in tightening of supply

    There were 5,700 properties on the market in

    Leinster outside Dublin in April, the lowest at any

    point since the start of 2007.

    60% sell in 4 months

    The fraction of Leinster properties nding a buyer

    within four months is 61% now, similar to late 2014

    and above levels in late 2015 (54%).

    Transaction prices 1% above ask

    The average transaction price in Leinster is 1.4%

    above its original list price, just ahead of the gure

    above a year ago (1.2%).

    Up to 10% increases

    Many parts of Leinster saw increases of close to - or

    indeed more than - 10% in the year to early 2016,

    although prices only increased by 2% in Carlow.

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    MunsterStrong gains in list prices in rural Munster in

    early 2016

    TipperaryAverage price: €148,331

    Qtr-on-qtr change: 4.0%

    Year-on-year change:4.5%

    Change from trough: 16.6%

    Limerick CityAverage price: €149,989

    Qtr-on-qtr change: 3.3%

    Year-on-year change:18.0%

    Change from trough: 26.3%

    Waterford CountyAverage price: €183,336

    Qtr-on-qtr change: 4.8%

    Year-on-year change:9.9%

    Change from trough: 27.5%

    Waterford CityAverage price: €134,945

    Qtr-on-qtr change: 4.3%

    Year-on-year change:18.0%

    Change from trough: 28.8%

    ClareAverage price: €149,999

    Qtr-on-qtr change: 4.9%

    Year-on-year change: 12.5%

    Change from trough: 25.4%

    Limerick CountyAverage price: €151,405

    Qtr-on-qtr change: 4.2%

    Year-on-year change: 6.6%

    Change from trough: 15.1%

    KerryAverage price: €164,927

    Qtr-on-qtr change: 5.4%

    Year-on-year change: 6.2%

    Change from trough: 17.4%

    Cork CountyAverage price: €232,145

    Qtr-on-qtr change: 2.2%

    Year-on-year change: 14.9%

    Change from trough: 41.4%

    Cork CityAverage price: €232,145

    Qtr-on-qtr change: 2.2%

    Year-on-year change: 14.9%

    Change from trough: 41.4%

    O ne y ea r a go Pr ev io us q ua rt er C ur re nt q ua rt er

    Proportion of properties marked as sale agreed and withdrawn, 2012-2016

    0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

    Within 6 months

    Within 4 months

    Within 2 months

    How ast are propert es n Munster se ng?

     Average house price by area, 2006-2016.

    How have house prices changed?

    Cork City Limerick City Waterford City Rest-of-Munster

    Q1

    2006

    Q1

    2007

    Q1

    2008

    Q1

    2009

    Q1

    2010

    Q1

    2011

    Q1

    2012

    Q1

    2013

    Q1

    2014

    Q1

    2015

    Q1

    2016

    €50,000

    €100,000

    €150,000

    €200,000

    €250,000

    €300,000

    €350,000

    €400,000

    The Daft.ie House Price Report – 2016 Q1 | 1817 | The Daft.ie House Price Report – 2016 Q1

    Fewer properties

    There were 8,200 properties for sale in Munster

    in April 2016, the lowest total on the market since

    March 2007.

    Speed of sales improving

     Just under half (47%) of all properties in Munster

    nd a buyer within four months, up from 38% twelve

    months ago.

    Prices now match ask

    The average transaction price in Munster is now in line

    with the original list price, compared to 2.7% below a

    year ago.

    Rural price growth

    Having fallen slightly in late 2015, list prices outside

    Munster’s three cities rose by close to 5% between

     January and March.

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    Connacht/UlsterRapid growth in list prices in early 2016

    LeitrimAverage price: €111,964

    Qtr-on-qtr change: 7.4%

    Year-on-year change: 15.9%

    Change from trough: 30.3%

    MonaghanAverage price: €141,700

    Qtr-on-qtr change: 6.6%

    Year-on-year change: 11.0%Change from trough: 24.2%

    CavanAverage price: €133,530

    Qtr-on-qtr change: 7.5%

    Year-on-year change: 18.3%

    Change from trough: 30.0%

    RoscommonAverage price: €113,466

    Qtr-on-qtr change: 5.1%

    Year-on-year change: 8.4%

    Change from trough: 23.8%

    DonegalAverage price: €132,442

    Qtr-on-qtr change: 5.5%

    Year-on-year change: 10.0%

    Change from trough: 16.5%

    SligoAverage price: €114,102

    Qtr-on-qtr change: 1.5%

    Year-on-year change: 2.6%Change from trough: 8.6%

    MayoAverage price: €127,664

    Qtr-on-qtr change: 4.6%

    Year-on-year change: 5.7%

    Change from trough: 14.7%

    Galway CityAverage price: €228,222

    Qtr-on-qtr change: 2.1%

    Year-on-year change: 14.0%

    Change from trough: 42.1%

    Galway CountyAverage price: €163,039

    Qtr-on-qtr change: 6.5%

    Year-on-year change: 13.3%

    Change from trough: 28.9%

    O ne y ea r a go Pr ev io us q ua rt er C ur re nt q ua rt er

    Proportion of properties marked as sale agreed and withdrawn, 2012-2016.

    0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

    Within 6 months

    Within 4 months

    Within 2 months

    How ast are propert es n Cou g g nnac t/U ster se ng?

     Average house price by area, 2006-2016.

    How ave ouse prices c ange ?

    G al wa y C it y Co nn ach t U lst er

    €50,000

    €100,000

    €150,000

    €200,000

    €250,000

    €300,000

    €350,000

    €400,000

    Q1

    2006

    Q1

    2007

    Q1

    2008

    Q1

    2009

    Q1

    2010

    Q1

    2011

    Q1

    2012

    Q1

    2013

    Q1

    2014

    Q1

    2015

    Q1

    2016

    The Daft.ie House Price Report – 2016 Q1 | 2019 | The Daft.ie House Price Report – 2016 Q1

    Further supply falls

    There were just 6,500 properties for sale in Connacht

    and Ulster in April 2016, the lowest total on the

    market since February 2007.

    Half sell within four months

    More than half (52%) of all properties in Connacht-

    Ulster nd a buyer within four months, up from 42%

    twelve months ago.

    Prices remain above ask

    The average transaction price in Connacht-Ulster is

    now 2.4% above the original list price, up from 1.1%

    above a year ago.

    5%+ gains in 3 months

    In six counties across Connacht and Ulster, prices

    rose by more than 5% between January and March -

    compared to just 2% in Galway city and in Sligo.

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    Over the last 10 years,

    Daft.ie has collected a vast

    amount of data on the

    Irish property market. In2014 alone, over 140,000

    properties for sale or rent

    were advertised on the site.

    About the Report

    Over the last number of years, Daft.ie has collected

    a vast amount of data on the Irish property market.

    Each year tens of thousands of properties for sale

    or rent are advertised on the site.

    The goal of the Daft Report is to use this

    information to help all actors in the property

    market make informed decisions about buying and

    selling. In addition, because it is freely available,

    the Daft Report can help inform the media, the

    general public and policymakers about the latest

    developments in the property market.

    This is the Daft.ie House Price Report, the partner

    to the Daft.ie Rental Report, which will be issued

    next month. Together, they give house-hunters and

    investors more information to help them make their

    decisions. These twin reports mean that Daft is

    the only objective monitor of trends in both rental

    and sales markets on a quarterly basis, making the

    report an essential barometer for anyone with an

    interest in the Irish property market.

    The Daft Report was rst launched in 2005. It has

    already become the denitive barometer of the

    Irish rental market and is being used by the Central

    Bank, mortgage institutions, nancial analysts

    and the general public alike. The Daft.ie House

    Price report is Ireland’s l ongest-running house

    price report, combining information from the Daft.

    ie archives with data from Ireland’s Residential

    Property Price Register.

    Methodology and Sample Size

    The statistics are based on properties advertised

    on Daft.ie for a given period. The regressions used

    are hedonic price regressions, accounting for all

    available and measurable attributes of properties,

    with a Cooks Distance lter for outliers.

    The average monthly sample size for lettings

    properties is over 10,000. Indices are based

    on standard methods, holding the mix of

    characteristics constant, with the annual average of

    2012 used as the base.

    About Daft.ie

    Daft.ie is Ireland’s largest property website with

    over 1.9 million unique users of the site generating

    over 180 million page views each month.

    Disclaimer

    The Daft.ie Report is prepared from information

    that we believe is collated with care, but we do

    not make any statement as to its accuracy or

    completeness. We reserve the right to vary our

    methodology and to edit or discontinue the indices,

    snapshots or analysis at any time for regulatory or

    other reasons. Persons seeking to place reliance on

    any information contained in this report for their

    own or third party commercial purposes do so at

    their own risk.

    Credits

    Economic Analysis: Ronan Lyons

    Marketing and Communications: Martin Clancy

    Layout and Design:

    Derek Jones, Dara Gannon & Sheila Rodgers

     

    Coming next:

    The Daft.ie Rental Report

    2016 Q1, in May 2016.The Daft.ie Rental Report will be published in May and w ill include a review of the performance

    of Ireland’s rental market in early 2016, plus all the usual indices, snapshots,

    trends and rental yield analysis, providing analysts , tenants, landlords, students

    and the public with the most up-to-date information on Ireland’s rental market.

    All data is Copyright © Daft Media Limited.

    The information contained in this report may only

    be reproduced if the source is clearly credited.

    Please contact Daft.ie on 01-4218700 for further information.

    21 | The Daft.ie House Price Report – 2016 Q1