Wednesday, January 09, 2019

THE cost of a three-bed semi-detached home in Carlow rose by more than €20,000 last year.

The figure jumped from €145,725 to €162,500 in 2018, an increase of 16.6%.

There was also a steady 4.6% increase in the final quarter of the year at a time when house prices generally freeze.

The surge in prices is one of the highest in the region and indeed the country. It surpasses the escalation in prices that neighbouring counties of Kildare, Kilkenny, Wicklow and Wexford have seen in the last 12 months, with the only exception being Laois ‒ which witnessed a staggering increase of 20% or €30,000 in the price of a three-bed home.

Prices for this house type in Carlow are now at their highest level since late 2010, when they stood at €179,950.

Overall property prices in Carlow have risen by €5,500 in the past year, according to the latest MyHome.ie property report in association with Davy.

The report for the final quarter of 2018 shows that the median asking price for a property in Carlow stands at €185,000. While this remained unchanged from the previous quarter, it represents a 3.1% increase on this time last year, when they stood at €179,500.

However, the asking price for a four-bed semi-detached house in Carlow has gone down. Prices fell by 2.5% in the quarter, down from €189,750 to €185,000. This also meant that prices were 1.6% behind last year’s figure, when they stood at €188,000.

The number of properties for sale in Carlow on MyHome.ie fell by 6% in the last quarter, but was up 6.6% on this time last year. The average time it takes to sell a property in the county now stands at just under three months.

Nationally, house prices are expected to rise by around 5% in 2019 after slowing sharply in the third quarter of 2018 and stabilising in the last quarter, according to the latest house price report from MyHome.ie.

The report predicts that strong demand and rising incomes will continue to push house prices higher once the uncertainty of Brexit has been resolved.

While asking prices nationally fell by 0.9% and were unchanged in Dublin in the final quarter – which followed normal trends ‒ the annual rate of inflation nationally was 6.1%, while it was 3% in Dublin.

This means the median asking price for new sales nationally is €266,000, down €2,000 from the last quarter, while the price in Dublin remains unchanged at €375,000. Newly-listed properties are seen as the most reliable indicator of future price movements.

The author of the report, Conall MacCoille, chief economist at Davy, said the overall picture is that the recent slowdown has evened out and housing supply is slowly picking up, even if it remains well short of demand.

“The underlying picture is that homebuilding is picking up. Over the past 12 months planning permissions have been granted for 29,500 units across the country – 70% higher than the current level of homebuilding. However, this is still short of the 35,000 we estimate is needed to meet demographic pressure,” said Mr MacCoille.

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By Michael Tracey
Contact Newsdesk: +353 59 9170100

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