The MyHome report indicates a challenging real estate landscape with less than 11,000 homes for sale in March—the lowest recorded. National asking prices have soared by 8% year-on-year, with an increase of 9% outside Dublin. The average mortgage loan approaches €320,000, and while first-time buyer drawdowns reached their peak in 2007 with 26,200 approvals, mover drawdowns fell significantly. Prices are now 17% higher than the Celtic Tiger peaks, prompting concerns for young essential workers who struggle to enter the market amidst rising costs and low availability.
Asking prices nationally rose by 1.7pc on the quarter, with Dublin seeing a 2.6pc increase and the rest of the country at 1.1pc. The median asking price nationally reached €375,000.
Record low supply and continued surging demand are driving the property market, leading to national asking prices now standing 17pc above the Celtic Tiger peak for the first time.
First-time buyer mortgage drawdowns have surged to 26,200 last year, their highest level since 2007, contrast against mover drawdowns which are 20pc below pre-Covid levels.
The ongoing housing crisis raises concerns about young workers' prospects of entering the property market, particularly for essential workers like teachers and gardaí.
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