Irish Property Prices Surge: Homebuyers Bidding Above Asking Prices
Homebuyers are driving property prices up by 4.6% above asking prices in a fierce market with limited supply. Read more on MyHome.ie.
High-earning first-time homebuyers are playing a significant role in driving up property prices, according to the latest report from MyHome.ie. The Irish property market is experiencing a surge in asking prices, coupled with a decrease in the number of properties listed for sale in recent months.
The median asking price for a home has increased by 6.5% nationally in the 12 months leading up to March, marking the strongest rise in prices since the third quarter of 2022. This acceleration in property price growth by more than two percentage points in the first quarter of this year is a notable trend highlighted by the report's authors.
Dublin, which had been experiencing relatively sluggish growth, saw a substantial increase in annual asking prices of 7.5% in the first quarter, up from 4% at the end of 2023. Similarly, asking prices outside Dublin rose by 5.5% compared to the previous year, up from 3.9%.
The median price of a house nationally in the first quarter reached €301,000, with Dublin recording a higher figure of €425,000 and properties outside Dublin priced at €285,000.
The Irish property market is witnessing a significant uptick in asking prices, driven in part by high-earning first-time homebuyers. The acceleration in property price growth is a notable trend, particularly in Dublin, where prices have seen a substantial increase. Irish Property Prices Surge: Homebuyers Bidding Above Asking Prices
Irish Property Prices Surge: Homebuyers Bidding Above Asking Prices
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