Housing prices nationally rose by 5.5% during 2018, according to the latest House Price Report released by property website, daft.ie.
The average price nationwide in the final quarter of the year was €254,000, down 1.1% on the figure for the third quarter.
The annual increase of 5.5% (€241,000 was the average asking price for Q4 2017) or just over €1,000 a month, was significantly smaller than increases of between 8% and 9% seen in 2015, 2016 and 2017 and marks the lowest year-end inflation rate since prices bottomed out in 2013.
In Leitrim, prices in the final quarter of 2018 were 12% higher than a year previously, compared to a rise of 2% seen a year ago. The average house price is now €135,000, 57% above its lowest point.
In Dublin, prices rose by 2.9% during 2018, compared to an increase of 11.7% in 2017. In the other cities, however, inflation in housing prices in 2018 was comparable to 2017.
Prices in Cork rose by 5.8% in 2018, compared to 5.1% in 2017, while in Galway city, prices rose by 6.3% compared to 8.1% a year earlier.
Inflation in Waterford city held steady at 8.6%, while in Limerick inflation picked up – increases of 9.8% in 2018 versus 6.9% in 2017.
The number of properties available to buy on the market nationwide rose by 10% during 2018. There were over 23,500 properties for sale in December 2018, compared to 21,200 a year earlier.
This is the first year-end increase in availability in a decade. Whereas earlier in the year the increase was being driven entirely by Dublin – where availability is up 40% – better availability has now spread to other parts of the country, including other cities, and the rest of Leinster and Munster.
Commenting on the figures, Martin Clancy from Daft.ie said, “Interest and demand in the property market continues to grow. We are now seeing over 1,000 property searches taking place every minute on Daft.ie.”