Average house price in Kilkenny City drops 1.1% in last three months - survey

Sean Keane

Reporter:

Sean Keane

Email:

sean.keane@kilkennypeople.ie

Residential property prices fall

The average price of a three-bed semi in Kilkenny City dropped by 1.1% to €249,500 between June and September, according to a national survey carried out by Real Estate Alliance.

Overall, the price of the average three-bed semi in County Kilkenny rose by 0.5% to €215,500 between June and September.

The average house price throughout the county has risen by 7.5% in the last 12 months, the survey found.

“The bottom of the market is still very strong, but the demand for houses priced at €400,000 upward has definitely slowed,” said Michael Boyd of REA Boyd’s in Kilkenny City, who has also noted a large decrease in the percentage cash v mortgaged buyers in the market.

“There remains a lack of supply, but activity is very strong, there is demand for all properties,” said Robbie Grace of REA Grace in Callan, where the price of the average three-bed semi rose 2.9% to €175,000 this quarter.

The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide to the close of last week.

The average semi-detached house nationally now costs €234,824, the Q3 REA Average House Price Survey has found – a rise of 1% on the Q2 2018 figure of €232,441.

Overall, the average house price across the country rose by 5.8% over the past 12 months – a decrease on the 8% recorded to June and indicating that the market is continuing to steady after an 11.3% overall rise in 2017.

The price of a three-bed semi-detached house in Dublin has increased by just 2.7% in the last 12 months as the Central Bank’s borrowing rules increasingly define affordability in the housing market.

The rate of increase in second-hand three-bed semi-detached home prices in Dublin city’s postcode zones was just 0.1% over the last three months, compared to 4.1% for the same quarter last year.

After rising by 12.5% in 2017, the average price of a second-hand semi-detached house in the capital has increased by just €5,300 so far this year and now stands at €443,333.

Growth in the commuter counties also slowed to 0.9% in the last three months, with the average house now selling for €248,528 – a rise of €2,000 on the second three months of the year.

The country’s major cities outside Dublin recorded a combined Q3 rise of 0.8%, with an average three-bed semi costing €249,375.

The highest increases were seen in the rest of the country’s towns, which experienced a 2.1% rise in Q3 to an average of €156,383 – up €3,000 in 12 weeks.

“These are areas where many buyers can still escape with a 10% deposit, it is still largely not economic to build new homes, and the dwindling supply existing stock at lower rates is disappearing,” said REA spokesperson Barry McDonald.