The price increases for homes in Galway City and Cork City were not far behind.
Daft.ie has released their house price report for the third quarter (June to September) for 2020, and it reveals that average prices have increased in all 26 counties that they operate within.
The house prices in Dublin have continued to rise, but at a smaller rate than most of the rest of the country, with an average of 2.2% in those three months.
Outside of the cities, the average home price has increased nationwide by 5.8%, but within some of the cities, the average home prices have seen a sharp increase.
The five highest price increases in Ireland for those three months are as follows:
- Waterford City - 10.9%
- Galway City - 10.1%
- Cork City - 9.4%
- Limerick City - 9.3%
- Wexford - 8.9%
The primary reason given the wide increase in prices is due to a lack of supply. As of the start of October, there were only 17,700 properties available nationwide to buy, the lowest amount available since September 2006.
Ronan Lyons, author of the report, stated that: "This highlights the underlying issue affecting the Irish housing system - a prolonged and worsening scarcity.
"The significant fall in completion of new homes to be registered in 2020 may prove a temporary blip. Nonetheless, the level of new home construction even in 2019 was barely half of underlying need. While the public health emergency clearly dominates policymaker attention currently, longer-term challenges should not be forgotten.
"Chief amongst these is the lack of housing - especially for smaller households, in or close to Ireland’s largest cities and towns."