CARLOW property prices have risen by €500 over the past year, according to a new report released by myhome.ie.
The report reveals that the average price for a property in the county now stands at €185,000, the highest in seven years. The average price of a three-bedroomed semi-detached house is now €170,000, up 10% from the same time last year.
However, there is some good news for property hunters in the county, as a four-bedroomed semi-detatched house now costs €185,000, down by 2.5% on this time last year.
The number of properties for sale on myhome.ie has risen by 6.2% in the past year, with the average time for a property to be sold standing at four months. “The current slowdown in price inflation is largely due to the Central Bank’s lending rules and stretched affordability,” according to the author of the report, Conall MacCoille, chief economist at Davy. “These factors are preventing the latent housing demand from translating into rampant house price inflation fuelled by rising leverage on mortgage loans. Ireland’s economy continues to perform well and the property market will continue to be underpinned by high employment and wage growth.
“While the economy has been driven by strong foreign direct investment, export growth and a slow rebound among indigenous companies, the recovery in homebuilding is still in its infancy.”