According to a new report house prices are increasing at an average rate of €50 each day against a backdrop of too few homes coming to the market.
The staggering rate of house and apartment inflation means that the vast majority of potential buyers face an uphill battle to meet existing mortgage lending rules.
Thus meaning that existing homeowners can expect a big rise in property tax – if the Government goes ahead with the planned review in 2019.
The latest House Price Report released by Daft.ie shows prices have increased by almost 47% from their lowest point in 2013. The average list price now stands at more than €240,000 – 8.9% up on a year ago.
Prices in Dublin are soaring far higher than the national average. Annual price inflation in the capital in the year to September was 9.9%, compared to 8.2% for the rest of the country.
Among other cities, growth in Galway was 9.2%, Limerick and Waterford saw 8.5% growth and in Cork the change in prices over the past 12 months was 5.1%.