Offaly house prices rise by 7%

House prices in Offaly rose by 7% in the second quarter of this year, compared to the same period last year.
That’s according to the latest Daft.ie report, which was published this morning. It revealed that the average asking price of a house in Offaly is now €151,000, an increase of 7% on the second quarter of last year and an increase of 25% on its lowest point.
The report also revealed that the average price of a one-bedroom apartment is €55,000, while a two-bedroom terraced house costs €71,000 and the average price of a three-bedroom semi-detached house is €104,000. A four-bedroom bungalow costs on average €201,000, while a five-bedroom detached house costs €217,000.
A report from MyHome.ie, also published this morning, shows that the median price of a two-bedroom apartment in Offaly costs €57,000, the exact same as the first quarter of this year and a drop of 5% on the same period last year.
MyHome.ie also revealed that the median price of a four-bedroom semi-detached house in Offaly costs €168,250, an increase of 12.2% on the first quarter and a rise of 8.6% on the same period last year.
Nationally, house prices rose by an average of 6.3% in the year to June 2016, according to Daft.ie. The divide between Dublin and the rest of the country persists, with prices effectively stable in the capital – rising just 1.1% in the last year – compared to a rise of 10.2% on average outside Dublin. Compared to three months ago, there has been a slight uptick in inflation outside the capital.
The national average asking price in the second quarter of 2016 was €215,000, compared to €202,000 a year ago and €164,000 at its lowest point. In Dublin, prices have risen by an average of €94,000 – or 42% - from their lowest point in mid-2012. Outside the capital, the average increase has been €43,300, or 32%, since the end of 2013.
Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said: “While supply pressures have eased slightly in the last three months, the overall dynamic in the housing market currently is one of very strong demand pulling up prices. In Mayo and Roscommon, for example, average prices have increased by roughly 10% since the start of the year.”
“The obvious exception to this is Dublin, where Central Bank rules have linked house prices to the real economy. What we are seeing in the capital is buyers seeking out good-value locations. Whereas prices are now falling in year-on-year terms in markets like Dublin 6 and South County Dublin, they are rising by roughly 5% a year in areas like Dublin 10, Dublin 11 and Dublin 12.”