Offbeat

It only takes a minute... for your house to be worth 7 cent more

Latest house price index reports €2,000 rise per month

Patrick Logue's face
Patrick Logue
Fri Jun 30 2017 - 09:59

It’s doesn’t bear thinking about, so we’ve thought about it for you.

If your property is in negative equity you may be cheering it on, but if you are, on the other hand, in the market for a new house you may feel a sense of panic at the latest house price report.

Today’s house price index published by property website Daft.ie says that prices have been rising on average nationally by a staggering €2,000 per month over the last 12 months.

We dusted off The Irish Times calculator to see what that really means for you, and here's what we have come up with.

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On average, every day your house could be increasing in value by €66 or to look at it another way, €2.77 for every hour of every day. That’s not far shy of €500 a week and for each minute that passes, your house price is on the rise by a whopping 4 cent. That’s another 4 cent just there since you started reading this.

When you take Dublin, the figures are even more stark. Properties in the capital increased by €3,221 a month over the last year, according to Friday’s survey, which is about €100 per day, €4.50 per hour, 7 cent a minute and more than €700 a week.

In Galway, properties have been increasing by €2,644 per month, which is nearly €90 per day, €3.67 per hour and 6 cent per minute, while in Cork property is heading north to the tune of “only” €1,798 a month, €60 a day, €2.50 an hour or about 4 cent a minute.