House prices up by 80% in last five years

Asking prices for houses in Galway City have rocketed by almost 80% since the bottom of the market five years ago, new research has shown.

Figures from property website show that since mid-2013, the market ‘trough’, asking prices have jumped by 77.6% in Galway City and 59.6% in the county.

The average asking price in the city stood at €285,277 at the end of June, according to the report, while the county average stood at €201,879.

Nationally, the increase since the collapse of the market was 54%, with the average price standing at €254,000.

According to the report, in Galway City, the biggest annual increase in asking prices was for one-bed apartments (up 19.3%) to an average of €117,000. Two-bed terraced homes were up 11% to €156,000; three-bed semis up 10.5% to €237,000; four-bed bungalows up 0.7% to €375,000 and five-bed detached homes up 3.3% to €464,000.

In the county, one-bed apartments were up 17.3% to €65,000; two-bed terraced homes up 15.2% to €87,000; three-bed semis up 11.9% to €122,000; four-bed bungalows up 14.2% to €234,000 and five-bed detached houses up 0.8% to €247,000.

A report from rival website released this week found the median (the ‘middle price’, thought of as the price of the house which is more expensive than exactly half of the other houses) asking price for a house in County Galway rose 10% to €225,000, while the city remained flat at €240,000.