House prices in Dublin are continuing to rise with house price inflation driving an increase of 8.4% in the year to September.
Figures for the last three months show the average price of a resale home in the capital increased by 2.5%.
The figures from property advisors DNG show that since the market low point in 2012, the average price of a home in the capital has increased by 135%.
Prices, however, still remain below their historical high seen in 2006.
The average price of a resale property in the capital now stands at €570,169.
The price of an apartment has also increased in the third quarter of 2024 by 2.3%.
First-time buyers accounted for just over half of purchases of resale properties in the capital.
A further 19% were doing so in order to trade up in the market - while only 8% were buying in order to trade down.
Members of the public passing images of houses for sale in DNG in Dublin, 29-1-21. Image: Leah Farrell / RollingNews.ieDNG said the shortage of supply in the second-hand market, combined with robust demand particularly from first time buyers, continues to push up prices in Dublin.
DNG’s Director of Research Paul Murgatroyd said the data is unsurprising.
"The latest results of the DNG House Price Gauge paint a picture of continued price strength in the Dublin marketplace with the annual rate of price inflation accelerating again to 8.4% in the year to September," he said.
"It’s unsurprising that residential prices continue to rise given the dearth of supply available in the resale market since the start of the year.
"There is simply not enough existing housing stock available for sale to satisfy the level of demand in the market, meaning that buyers, especially first-time buyers who have loan approval, are unable to find a home to buy such is the competitiveness in the market at the present time".
As a result DNG has increased its forecast for price growth this year in the Dublin resale market to 9%, having previously forecast low single-digit growth for 2024.
Additional reporting: Alan Cantwell
