Galway house prices still on the increase

Residential property asking prices in County Galway have risen by 13% over the past year and are now averaging almost €170,000, according to new research.

That means that asking prices are up by almost one-third since the bottom of the market in mid-2013.

A leading economist has said the market here is at its healthiest since the start of the decade.

A larger increase was recorded in the city – up 14% in the past twelve months, and average asking prices now standing at €237,000.

The jump in city asking prices is at around 47.5% since the bottom of the market three years ago.

The figures from property website Daft.ie show the biggest price hikes in the county were for two-bed terraced homes (up 15.5%) and three-bed semi-detached (up 12.9%).

The Daft.ie report is based on asking prices as opposed to eventual selling prices.

In the county, the average asking price for a one-bed apartment is €52,000 (up 4.8% over the past year); a two-bed terraced is €63,000 (up 15.5%); a three-bed semi is €93,000 (down 12.9%); a four bed bungalow is €191,000 (up 10%) and a five-bed detached is €212,000 (up 3%).

For Galway City, the average asking price for a one-bed apartment is €88,000 (up 11.8% year-on-year); a two-bed terraced house is €117,000 (up 24%); a three-bed semi is €192,000 (up 20.8%); a four-bed bungalow is €335,000 (up 22.3%) and a five-bed detached is €399,000 (up 11.6%).

A separate report issued this week from rival property website MyHome.ie – based on median asking prices – recorded an 11% increase to a high of €226,000 in the city, and a 5.7% increase to €185,000 in the county.

Angela Keegan, Managing Director of MyHome.ie described Galway as a “standout performer”.

Ronan Lyons, economist with Daft.ie and Trinity College said the property market is in “slightly better health”.

“The first sign of slightly better health is that the total number of properties actively on the market at any one time has risen [comparing the end of the second quarter to the end of the first quarter].

“This is only the second time in five years that this was the case – the first was the same quarter last year, so it remains to be seen whether this is merely seasonal or the start of a bigger trend.

“The second measure of slightly improved conditions in the housing market comes from a comparison of the asking and sale prices.

“Currently, across the country as a whole, there is only a 1.5% gap between the ultimate transaction price and the property’s initial list price.

“Coupled with a similar picture last quarter, this represents the closest to healthy the market has been since the start of the decade,” said Mr Lyons.