A cheerful statistic to brighten the first week of 2023.
A MyHome.ie report has found that the average price of a house is now nearly eight times the average wage.
According to The Journal,
“The report, published this morning, found that the average household residential purchase in the third quarter of 2022 was €370,000, a 7.7 multiple of the average wage of €48,000.”
This compares to 2009, where the house prices reached 8.1% times the average wage during the Celtic Tiger.
While house prices have fallen between Q3 and Q4, they’re still significantly up on the same period last year.
The Journal reports,
“The median asking price for a home in the fourth quarter was €330,000, a reduction of 0.4% compared to the third quarter of 2022, but a 6% increase compared to the same period a year ago.”
“In Dublin, the median asking price was €436,000 in the fourth quarter, which is a fall of 0.8% compared to the third quarter. It is a 3.6% increase compared to Q4 2021 however.”
Conall MacCoille, Chief Economist at Davy said that while there are “15,000 properties listed for sale on MyHome.ie“, which is considered an improvement, it’s nowhere near pre-pandemic numbers which saw more than 20,000 homes for sale.
Header image via Shutterstock
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