average house price jumps 8% in 12 months

THE average asking price for a house in Clare jumped by almost 8% between the third quarter of 2016 and the third
quarter of 2017, new figures have revealed.

It follows a rise of 6% between 2015 and 2016.

The average price now sought in the county is just shy of €168,000, 40% above the lowest point of the crash.

According to Daft’s figures, the average asking price for a one-bed apartment in Clare is €61,000, while it is €79,000 for a two-bed apartment.

The average price for a three-bed semi-detached house is €118,000, it is €223,000 for a four-bed bungalow and a five-bed detached house is €244,000.

The report states that prices across the province of Munster as a whole are typically 8% higher than they were
a year ago.

There are just over 8,000 properties advertised on the site in the province, 8% less than in the third quarter of 2016. Just over half of all properties in Munster find a buyer in 12 months, up slightly from a year ago.

There are still a lot of problems in the housing market, according to Daft report author, Ronan Lyons.

Supply is too low and costs of building are too high, he feels. “It is roughly three years now since a consensus emerged that the problem was not another credit bubble but rather a lack of housing supply.

However, most of the many policy initiatives introduced have been about manipulating demand and prices. If the housing system is to become healthy, the next three years really must see a change of policy focus to supply and quantities.

“In particular, as long as it remains unviable to build homes, especially apartments of varying kinds, the shortages will persist, both in market housing and social housing.

“Understanding why costs are so high relative to both our own incomes and to costs in other countries must become the top priority for the housing minister.”