Price of Dublin resale homes up 2.5% over last 3 months

The average price of a resale home in Dublin rose by 2.5% over the last three months, similar to the previous quarter.

New data from estate agents DNG shows resale residential property prices in the capital climbed by 8.4% for the year to September.

That means that the annual rate is now higher than the 6.4% increase recorded by DNG for the year to June.

In the year to September of last year, prices only rose by 0.4%.

"It's unsurprising that residential prices continue to rise given the dearth of supply available in the resale market since the start of the year," said DNG’s Director of Research Paul Murgatroyd.

"There is simply not enough existing housing stock available for sale to satisfy the level of demand in the market, meaning that buyers, especially first-time buyers who have loan approval, are unable to find a home to buy such is the competitiveness in the market at the present time."

The House Price Gauge shows that since the market low point in 2012, the average price of a home in Dublin has risen by 135%.

Prices still remain below their historical high seen in 2006 though.

The average price of a resale property in the capital is now €570,169, DNG said.

"The shortage of supply in the second-hand market, combined with robust demand, particularly from first time buyers, continues to push up prices in Dublin," said DNG’s CEO Keith Lowe.

"Our research shows that in the third quarter of the year sales were being agreed at 8% above the asking price on average, so it is little surprise that the DNG HPG recorded another strong quarter of price growth in the three months to September."

"However, there have been indications that supply is increasing slightly in recent weeks, which is good news for those currently search for a home, with our research showing there has been a 12% increase in available second-hand stock for sale since 1st July.

"Nonetheless, by historical standards the volume of properties for sale, at approximately 3,900 units, is far short of the volume needed to satisfy current demand."

When it comes to apartments, DNG said prices in Dublin increased by 2.3% in the July to September period, compared to 1.6% in the previous three months and 1.3% in the first three months of 2024.

Over the year to September, apartment prices in the capital climbed by 6.2%.

That compares to -0.1% in the year to September of last year.