Here is how much house prices went up in every county in the past three months
The price of an average home is surging by €500 a week, according to new figures from Real Estate Alliance.
The numbers show that in Dublin the price of a three-bed semi-detached home is jumping by as much as €1,300 every seven days.
The average cost in the capital now stands at €431,500 while nationally you can expect to pay almost €222,000.
That is a rise of 11% in the last 12 months.
The commuter counties saw an increase of 2.7% this quarter, with the average house now selling for €229,300.
The slowest growth nationwide was registered in the main cities outside of Dublin, with Galway at €255,000 (up 4.1%) and Limerick at €190,000 (up 2.7%).
Cork city prices remained static over the three-month period, and just 5.1% up on the year.
“Supply is the main driver of these continuing price rises with our agents reporting that the volume of listings is down around the country,” said REA spokesperson Healy Hynes.
"In what is becoming a vicious circle, families looking to trade up are not seeing the larger homes becoming available while empty nesters looking to downsize do not have a ready supply of smaller homes emerging on the market.
“To complete the equation, first-time buyers are not seeing the three-bed semis coming through in sufficient numbers.
“Although planning permissions rose by 55% year-on-year in Q2, the 3,630 houses approved will not be on the market for the next two years, and even then this year’s overall figure will be less than half is what is required on an annual basis.
Mr Hynes said it could be 2020 before the market gets back to normal.
He said: “Our agents are reporting that where there are new builds coming on stream, the market is extremely active and the first-time buyer is opting to pay a premium of 15-20% higher than the second-hand rate.
“This is having a knock-on effect into the second-hand market with a more discerning buyer now concentrating heavily on energy ratings.
“Where the price is right, we are seeing a good flow of credit into the market, with cash buyers now just making up 20% of the commuter market and sales in Dublin and surrounding counties closing in just four weeks – down from an average of seven a year ago.”
