The Irish Times reported the following today which is good news for house buyers:
Lofty valuations and the excessive expectations of sellers have finally “taken a toll” on house prices, as the rate of growth in prices slipped back to 7.8 per cent from 10.9 per cent in the three months to the end of September, according to a report from property website Myhome.ie.
The housing market is now beginning to “cool off”, according to Myhome’s Q3 Property Price Report. It said the asking prices for homes nationally fell by about 1.3 per cent in the third quarter when compared to the previous three-month period. It said this was due to “seasonality” in the market, which typically sees less activity in the late summer months, and demand remains “robust”.
Myhome.ie says its research shows the housing market is now entering a more “normal” period after several years of galloping price growth and constrained supply. The number of houses for sale on Myhome’s website is growing strongly, up by almost one-third compared to last year.
The median asking price in Q3 on Myhome.ie for a house in Dublin was €420,000 and €275,000 outside the capital. Asking prices in Dublin were 6.2 per cent ahead of the same period a year ago, while they were 9 per cent ahead in the rest of Ireland.
Increase in supply is good news but this is offset by interest rate increases. We will have to wait and see the affect this will have on house prices nationally.