“The residential sales market is currently dominated by investors selling investment properties on the supply side, and by first-time buyers purchasing their home on the demand side,” DNG director of research Paul Murgatroyd said.
“It is therefore no surprise that the strongest price growth during the first quarter was seen in west Dublin and at the starter home level of the market,” he said. DNG’s latest price gauge suggested the average price of a resale property in the capital increased by 0.9 per cent in the first three months of the year “as strong demand and a relatively low level of available stock on the market served to nudge prices higher”.As a result, the annual rate of house price inflation in Dublin remains positive but showed further signs of stabilisation, reducing to 2 per cent for the year to March, from a rate of 3.1 per cent for the year to December.
Commenting on the results, DNG chief executive Keith Lowe said: “Property prices have started to rise slowly in the early part of this year and the low rate of price inflation reflects an increased amount of property available to buyers.”from the Central Statistics Office. “This trend needs to be reversed and we are calling for the Government to again reintroduce mortgage interest relief to assist younger first-time buyers in particular, as it is having a direct impact on affordability. Many first-time buyers are currently in rental accommodation and assisting them to move into home ownership has the added advantage of freeing up much needed rental accommodation,” he said.
Prices in mature locations are still extremely high, when compared to 2019. Looks like we could be heading to a two tier market like 2007. Do not buy an apartment people.
First time buyers is a good news story. That's what we need more of. Owner occupiers. Of course balance needed for those in short term situations too. Govt needs to find a way to release more credit .