HOUSE prices are starting to fall across the country but are still rising in Waterford, a survey has found.
The property website Daft.ie reported that nationally housing prices fell by 1.2% during 2019 but rose by 3% in Waterford city and 2% in the rest of Waterford. However, a survey by MyHome.ie showed prices in Waterford to be static, broadly in line with the national trend.
Daft.ie reported that in Waterford city, prices in the final quarter of 2019 were 3% higher than a year previously, compared to a rise of 9% seen a year ago.
It put the average house price in the city at €181,000, 72% above its lowest point. In the rest of Waterford, prices in the final quarter of 2019 were 2% higher than a year previously, compared to a rise of 7% seen a year ago. The average house price in the county is now €223,000, 55% above its lowest point.
In Ireland housing prices fell by 1.2% during 2019, the first calendar year recording a fall in prices since 2012, according to the latest Daft.ie Sales Report .
The average price nationwide in the final quarter of the year was €250,766, 2.4% lower than in the third quarter and 1.2% lower than a year ago.
average residential transaction in Ireland now 6.8x the average income
Daft.ie found that in Dublin, prices in the third quarter of 2019 were 1% lower than a year previously, compared to a fall of 3% seen a year ago. The average house price in the capital is now €366,000, 26% below peak levels.
The MyHome survey found that the annual rate of house asking price inflation nationwide has fallen to less than 1% and the asking price inflation in Dublin is zero year-on-year.
For Waterford it put the average house price at €175,000, with inflation static for the year.
Author of the MyHome report Conall MacCoille, chief economist at Davy, said the slowdown in inflation was inevitable.
“Central Bank rules have stopped first-time buyers taking out too much mortgage debt and should lead to more realistic asking prices,” he said.
“Our analysis shows that the average residential transaction in Ireland (€292,000) is now 6.8x the average income of €43,000.
“This is only slightly below the UK’s ratio of 7x.”
“This is the first time since 2012 that Ireland’s house-price-to-income ratio has declined,” said Mr MacCoille.