Average Kilkenny house prices rise by 3.4% over past 12 months

Mary Cody

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Mary Cody

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mary.cody@kilkennypeople.ie

Average Kilkenny house prices rise by 3.4% over past 12 months

The price of the average three-bed semi in County Kilkenny rose by 3.4% to €213,500 in the past year, according to a national survey carried out by Real Estate Alliance.

Kilkenny prices were static in the first three months of this year, the REA Average House Price Survey  found.

The 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.

“We are currently seeing a hesitant market at an average of six weeks to sell, with lots of buyers slow to act despite having mortgage approval,” said Robbie Grace of REA Grace, Callan where a three-bed semi is currently averaging at €175,000.

“The market in Kilkenny is currently characterised by cash trade-downs and mortgaged first-time buyers,” said Michael Boyd of REA Boyd’s, Kilkenny where a typical three-bed semi is currently selling for €252,000.

“We are seeing quality, well-located housing selling consistently for about €250 per square foot,”

“While we saw a dramatic jump in time on the market from six weeks to 12 at the end of last year, this seems to be easing off this quarter with time taken to sell now averaging at ten weeks.”

The average semi-detached house nationally now costs €235,898, the Q1 REA Average House Price Survey has found – a fall of -0.16% on the Q4 2018 figure of €236,287.

The price of a three-bed semi-detached house in Dublin city has fallen by -1.7% since the end of December, wiping out the average €7,000 gains in value experienced throughout 2018.

The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €437,500.

“Time taken to reach sale agreed in Dublin is now eight weeks – double that of a year ago –and reflects the difficulties that people are experiencing in obtaining a mortgage,” said REA spokesperson Barry McDonald.

“We are seeing an appreciable drop in people attaining mortgage approval – particularly for properties above €350,000 – which is creating a ceiling that is stifling the market.”

Prices also fell slightly by -0.3% in the commuter counties in the last three months – an annual rise of 2.7% – with the average house now selling for €248,750.

Prices were static in the country’s major cities outside Dublin with agents in Cork, Galway, Limerick and Waterford all reporting no price movements in the opening quarter, but an annual increase of 3.6% to €252,500.

The highest annual increases (6.3%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €9,400 in the past year and 1.1% in the past three months to €159,433.