North Dublin house price survey Jan 2021

The price of the average three-bed semi-detached home in North County Dublin is expected to rise by 4% in the next 12 months, according to a survey by Real Estate Alliance.

Prices rose by 2.2% between September and December, with three-bed semis now costing an average of €311,670, the Q4 REA Average House Price Index shows.

And as supply struggles to keep pace with demand, the time taken to sell the average house in the north of the county fell from nine weeks in September to seven weeks at the end of Q4 2020.

The price of a three-bed semi-detached house in Balbriggan rose by €5,000 to €260,000 (+ 1.96%) in the final three months of the year, while Skerries saw a similar increase to €370,000 (+1.37%)

“The investor market is strong in Balbriggan as there is good rental demand,” according to Dermot Grimes of REA Grimes.

“In Skerries, there has been an influx in enquiries from overseas due to the seaside location, and the connectivity that the town offers is a huge plus.

“Skerries also has a limited supply of new homes and this is putting pressure on demand.

“In general, there is a demand for North County Dublin properties for people trading up.”

REA Grimes predicts rises of 4% in Balbriggan and 5% in Skerries in 2021, while Swords prices are expected to rise by 4% from their present level of €305,000 (+3.39% in Q4).

The REA Average House Price 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.

Nationally, average house prices rose by almost 1.5% over the past three months in a market fuelled by a combination of record mortgage approvals and an unprecedented lack of supply, the survey found.

The price of a three-bedroomed semi-detached house across the country rose by more than €3,000 over the past three months to €239,194 – an annual increase of 1.9%.

The biggest rises in Q4 came in Ireland’s secondary cities and the commuter counties – both of whom had experienced the least movement in prices over the preceding 18 months.

The price of a three-bedroomed semi-detached house in Dublin City rose by 0.6% to €431,833 during the past three months, an annual increase of 1.41%.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 2.4% in the past 12 weeks with prices rising by €6,000 to an average of €262,500.

Commuter counties are now feeling the benefit of the migration towards space and home working potential, with three bed semis rising 2.2% by almost €6,000 on the Q3 figure to an average of €253,111.

Reflecting the flight to rural locations, prices in the rest of the country’s towns rose by 1.2% in 12 weeks to €165,397.