A new report reveals that national housing asking prices have risen by 7.5% over the past year, marking the highest annual inflation rate in two years. The latest house price survey, conducted by MyHome.ie in partnership with Bank of Ireland, highlights growing pressure on Ireland’s housing market.
The report found that 14% of homes listed on MyHome.ie sold for at least 20% above their asking price. In Dublin, asking prices have jumped by 6.2%, while the rest of the country has seen an 8.5% increase.
The median asking price for homes nationwide is €365,000, while Dublin’s median price stands at €455,000. Outside the capital, the median price mirrors the national average of €365,000.
One key factor behind this surge is wage growth, which has increased by 5.6%, enabling workers to secure larger mortgages. Mortgage approvals have hit a record high, with the average approval amount rising by 6.2% to €318,300, according to The Journal.