The average price of a second-hand home in Dublin now stands at €262,000 according to figures released today by estate agent, Douglas Newman Good (DNG).
Figures indicate a rise of 3.3% for the first three months of this year, the third consecutive quarterly rise and an increase of 9.5% since the same time last year.
However, the average price of a resale property in Dublin is still almost 63% lower than at the peak of the market in the third quarter of 2006.
Several factors helped increase second-hand house prices since the beginning of the year according to DNG. They include a greater than expected interest in homes within the €250,000 to €350,000 price range, strong sales of southside properties and an increased demand for starter, semi-detached homes.
Properties in the north of the city increased by 3.3% (8.6% annually) while houses in the west side of the city increased by 3.2% (6.0% annually).
Keith Lowe, DNG CEO said: “These price increases should be put in context of six years of price declines up to the middle of last year".
Lowe said he thought it was encouraging to see three straight quarters of house price increases.
DNG say there also appears to be signs of a two tier market emerging in terms of price recovery with the capital and some other high population urban areas such as Galway, Cork and Sligo outperforming the rest of the country.
A full copy of the report is available on www.dng.ie
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