House sales in Dublin up by 23.1 per cent in first quarter of 2014

There has been plenty of talk about asking price increases in the media recently with everyone from the CSO and estate agents to websites such as MyHome.ie and Daft declaring that prices are on the rise again. That is perhaps most notable in the capital where a stock shortage in the past year or so has helped to drive up prices for would-be buyers. Some have expressed fears about a “mini-bubble” while others have questioned the demand.

A new analysis of the Property Price Register has shown, however, that transactions in Dublin for the first quarter of the year were up significantly on the same period of last year.

A look at activity in the capital for the first quarter of this year shows there were 2,060 transactions between January 1st and March 31st. That compares with 1,673 transactions in the same period of last year, representing an increase in sales activity of 23.1 per cent.

Of Dublin’s 22 postcode areas, 15 recorded increased sales in the first quarter of 2014 compared with the same period in 2013, with the levels of transactions increasing remarkably in Dublin 8 (82.8 per cent); Dublin 3 (71.8 per cent); Dublin 2 (62.5per cent); Dublin 9 (56.9 per cent); and Dublin 18 (57.1 per cent).

Dublin county also saw sales increase by 27.2 per cent during the quarter. The biggest faller was Dublin 17 (down 50 per cent), with sales also down in Dublin 20 (down 42.85); Dublin 24 (down 19 per cent), Dublin 22 (down 17.6 per cent), Dublin 12 (down 11.3 per cent), Dublin 14 (down 10.8 per cent) and Dublin 10 (down 5.3 per cent).

The top-selling area was Dublin 3 (122 transactions), followed by Dublin 6 (107), Dublin 8 and 11 (both 106), and Dublin 15 (105). The lowest record sales were made in Dublin 20 (8), Dublin 17 (10) and Dublin 10 (18).

Demand is certainly on the up and supply is also rising, albeit slowly. It will be interesting to see what impact both have on prices for the rest of the year.