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North Dublin house prices expected to rise 5% in 2023 - survey

The price of the average three-bed semi in North County Dublin is expected to rise by 5% in the next 12 months, according to a survey by Real Estate Alliance.

Three-bed semi-detached homes in the area now cost an average of €416,670, up 14% on the December 2021 average of €366,000, the REA Average House Price Index shows.

The survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.

First time buyers made up 75% of the market in Q4 2022, with time taken to sell decreasing from seven weeks to six in the past three months, the survey shows.

Prices in Swords increased by 1.1% to €455,000 in the past quarter, with Balbriggan static on €340,000 and Skerries unchanged on €455,000.

“With continued pent up demand, the change in lending rules will assist all market subsector inflationary pressures, including costs of construction and energy providers,” said Dermot Grimes of REA Grimes.

“The interest rate environment will keep a lid on demand.

“We continue to see a pattern of landlords exiting the market, which will reduce the supply of rental accommodation further and put more pressures on this sector.”

The actual selling price of a three-bedroomed semi-detached house across the country rose by 0.36% over the past three months to €291,667 – representing an annual increase of 8%.

However, house prices in Dublin have fallen slightly by -0.34% in the same period, as mortgage interest rate rises and cost of living increases stem the stream of potential homeowners.

REA agents throughout the country expect prices to rise by just under 3% on average in the next 12 months.

The property market is expected to enjoy a calmer 2023 as mortgage interest rate rises and cost of living increases affect buying ability, according to the nationwide survey.

The majority of REA members feel that the scheduled changes to the Planning Acts will have little effect on market supply in 2023, due to the time lag between legislation and enactment.

In Dublin city, which is currently experiencing small price drops in certain areas, agents anticipate modest increases of 3.6% across the year.

This comes off the back of a 2022 which saw average house prices rise by 8% nationally and 5% in the capital – with feverish early year increases slowing down in the autumn and winter.

The country’s large towns experienced 10% growth last year, with 1.2% in the final quarter, and REA agents say that this will continue throughout next year, albeit at a slower pace, with growth of 3% predicted.

REA Predictions 2023
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REA County by County Q4 2022
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