House prices 'move from recovery to growth' in many counties
House prices across the country have now moved from recovery to growth mode according to a new survey published today.
The Irish Independent's 'How much is your house worth?' survey of 64 markets nationally shows substantial gains during 2014 and predictions of further growth in 2015.
It looks at average prices in every county based on sales from leading estate agents.
The Independent's residential property editor Mark Keenan said: "The big story this year is that Dublin is starting to cool down a little bit after quite high growth, but people are pushing into the commuter counties for more affordable homes.
"We have seen prices rise in those areas by 30% and by 50% in the case of Wicklow and very strong price growth in Laois."
He said Co Meath had seen house price growth of 30% in the last 12 months, compared with 15% up on the previous year.
"Dublin buyers are pushing out looking for more affordable homes," he said."Younger people in towns like Navan are trying to buy semi-detached houses which are in short supply."
House prices in Dublin 2,8 and 10 grew the most in the capital last year, with Dublin 18 recording the lowest growth.
"Almost all postcodes across Dublin saw double-digit percentage price growth," he said. "Some went over 20% which was expected for Dublin in the latter part of the year - areas like Dublin 10, 8 and 2 rose by 25%.
"At the other end of the scale, Dublin 18 saw prices rise by just 3%."
Further south, in Kerry, prices have risen by 11% in the last year, with a further 10% rise possible this year.
Keenan said the average price of a home in the county area was around €100,000, and about €185,000 in Killarney.
"Kerry has turned a corner and property prices are on the way up at a reasonable pace," he added.
- In the midlands, Keenan said house prices in Longford (averaging at €60,000) had not increased in the last 12 months due to oversupply, but that in the year ahead prices could rise by about 3%.
- The survey of prices is showing increases in Roscommon (11% last year, with 8% more predicted for 2015) and Leitrim (up 15% last year, after a fall of 2% in 2013).
- Co Louth saw a rise of 15% last year, with a rise of 9% forecast for this year. "A shortage of family homes is starting to kick in," said Keenan.
- An increase of 9% was seen in Co Mayo house prices.
- Only house prices in Limerick city centre rose last year (by 12% over the last year with another 12% hike forecast for 2015), with those in the suburbs and the county remaining flat.
- The average price of a home in County Galway is now €95,000, climbing to €200,000 in Galway city.
- House prices in County Clare rose on average by 9% last year and are expected to climb another 10% in 2015.
- In Cork, where house prices in the city grew by about 9% last year, three-bed terraces in the city centre are expected to move above the €200,000 mark in 2016 for the first time in many years, climbing to €190,000 in 2015.
