The figures are in. Economist Ronan Lyons has just released the latest Daft.ie report (Q1 2017) in relation to house prices & trends across the country. The figures show the effects of unleashing demand.
Galway City: Encouraging news for vendors is that properties in Galway have now risen 65.1% from trough. In Galway city the average price for a property is approximately €265,000. There has been a 16.3% year-on-year change in property prices which is one of the highest year-on-year increases across the country.
Co. Galway: Properties in County Galway have now risen 37.9% from trough. In County Galway the average price for a property is approximately €174,000. There has been a 7% year-on-year increase in property prices in Co. Galway.
Co. Mayo: Properties in Co. Mayo have now risen 26.7% from trough. In County Mayo the average price for a property is approximately €141,000. There has been a 10.5% year-on-year increase in property prices in Co. Mayo.
Record low availability: There were fewer than 5,700 properties for sale in Connacht and Ulster in December, the lowest in the history of the series, which dates back to January 2007. This trend is set to continue in 2017.
Transaction volumes down 7%: There were just over 8,000 transactions in Connacht and Ulster in 2016, 7% fewer than in 2015.
Bottom line: The market is very buoyant at the moment, lots of transactions and quick turnaround times for people selling (especially properties in close proximity to Galway city). The statistics speak for themselves, there is huge surge in demand for most properties that come on the market with ourselves. First time buyers and investors are now turning to apartments for affordability. The price of apartments increased very slowing compared with houses over the past few years. This has changed rapidly in the past few months. For active buyers, there is still good value to be found in some parts of city.
If you would like to see to full Daft report for Q1 2017 use link: https://www.daft.ie/report/2017-Q1-hp-daft-report.pdf