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Waterford house prices to remain unchanged in 2020 – REA survey

The price of the average three-bed semi in Waterford City rose by 2.4% over the past 12 months, with experts predicting the market to remain unchanged in 2020, according to a survey carried out by Real Estate Alliance.

City prices rose to €215,000 this year, with prices throughout the rest of the county rising by 0.8% to €178,000.

There was no change in price between September and December throughout the county, and the survey predicts Waterford prices will remain stable in 2020.

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.Indo predictions 2020

“The autumn window was slow to get going after the summer holidays, however, activity picked up in October and has been consistent ever since,” said Des O’Shea of REA O’Shea O’Toole, Waterford City, where time to sell rose in Q4 2019 from 8 weeks to 12 weeks.

“Steady as she goes is our prediction for 2020 until the outcome of Brexit is known.” 

“Activity in the market continues to be quite patchy. The historical seasonal slow-down in the market has been impacted further by the continuing discussion on the Brexit topic,” said Eamonn Spratt of REA Spratt in Dungarvan.

“Prices could potentially continue to stabilise as a result of the delivery of further new housing units, both to the private sector and the state.”

Average house prices nationally fell annually for the first time since the economic recovery, the Q4 REA Average House Price Index found.

The price of a three-bedroomed semi-detached house across the country fell by -0.6% over the past year after a 4.6% annual rise in 2018.

The average family home nationally now costs €234,704, the survey found – a drop of -0.1% on the Q3 figure of €235,009.

However, drops across the country are far lower than the preceding quarter (-0.4%), indicating that some confidence returned to the market in the final 13 weeks of the year, with the prospect of a resolution to Brexit uncertainty.

Three-bed semi-detached houses in Dublin city registered a fourth consecutive quarter fall (-0.6%) since the end of September and have decreased by -4.3% compared to December 2018.

The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €425,833 – down €20,000 from €445,167 a year ago.

The absence of small investors due to Brexit uncertainty and a lack of incentives has also removed stimulus from the resales market and added to supply in many cases as landlords leave the market nationwide.

Prices fell slightly by -0.05% in the commuter counties in the past three months, with the average house now selling for €246,500 – an annual fall of 1%.

Prices in the country’s major cities outside Dublin – Cork, Galway, Waterford – remained largely unchanged

The highest annual price increases (2.8%) were once again seen in the rest of the country’s towns which rose in selling price by an average of almost €5,000 in the past year and 0.3% in the past three months to €162,207.

Q4 REA Average House Price Index 2019Average Prices DEC 2019

Average house prices nationallyAverage house prices nationally fell annually for the first time since the economic recovery, the Q4 Irish Independent REA Average House Price Index has found.

The price of a three-bedroomed semi detached house across the country fell by -0.6% over the past year after a 4.6% annual rise in 2018. The average family home nationally now costs €234,704, the survey found a drop of -0.1% on the Q3 figure of €235,009. However, drops across the country are far lower than the preceding quarter (-0.4%), indicating that some confidence returned to the market in the final 13 weeks of the year, with the prospect of are solution to Brexit uncertainty.

“We have seen a more stable quarter, with less negativity and 15 counties recording no movement in price. However, it has not been enough to keep the overall index in the positive against last year’s figures,” said REA spokesperson Barry McDonald.“

It is now taking ten weeks to reach sale agreed in Dublin city and county compared to eight a year ago, and these increases are reflected in commuter areas and out other major cities.

”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.

Three-bed semi-detached houses in Dublin city registered a fourth consecutive quarter fall (-0.6%) since the end of September and have decreased by -4.3% compared to December 2018. The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €425,833 – down €20,000 from €445,167 a year ago. “Although the Q3 prices falls that marked much Brexit indecision have eased slightly, we still saw the average house in South County Dublin fall by €2,700 (-0.7%) in the past three months – compared to €7,000 in the previous quarter,” said Mr McDonald.

County by County Dec 19 vs Dec 18A significant increase in the supply of new and second hand housing in North County Dublin has seen prices drop by €5,000 on average intowns such as Swords, Skerries and Balbriggan. “Despite the -1.6% Q4 fall to an average of €315,000, the north county area has fared better than any other Dublin market with an annual fall of -2.3% compared to a south county drop of -5.1% in 2019.

“The buyer now has a choice – even in the €200,000 to €300,000 band where properties are still continuing to sell, but at a slower rate. While sales are now taking longer, the condition of the property has now become a crucial factor due to the increasing cost of renovations. A trading up market is starting to appear in north Dublin, with people selling two and three bed semis that they bought at the beginning of the recovery, seven years ago".

City centre agents REA Grimes report that the first time buyer market is active, but that investors have moved out of the buying picture. This mirrors a nationwide trend emerging of greater numbers of small landlords putting their properties on the market according to REA agents. The absence of small investors due to Brexit uncertainty and a lack of incentives has also removed stimulus from the resales market and added to supply in many cases as landlords leave the market nationwide.

Prices fell slightly by -0.05% in the commuter counties in the past three months, with the average house now selling for €246,500 – an annual fall of 1%. Prices in the country’s major cities outside Dublin – Cork, Galway, Waterford – remained largely unchanged, with an overall rise of 0.5% attributable to a €5,000 Q4 increase in Limerick due to a lack of supply. Galway city average prices are at €282,500, unchanged annually.

Asking price moderation is becoming crucial with over-priced properties sitting on the market for longer, according to agents McGreal Burke. Elsewhere, Waterford City (€215,000) is up 2.4% on the year, and Cork City is up 0.8% annually to €317,500, with the market generally sluggish due to Brexit uncertainty and Central Bank lending restrictions at a relatively high purchase level.

The highest annual price increases (2.8%) were once again seen in the rest of the country’s towns which rose in selling price by an average of almost €5,000 in the past year and 0.3% in the past three months to €162,207. Ireland’s highest percentage annual rise came in Longford, where prices grew 16.2% to €122,000, an increase of €2,000 (1.7%) on the September level, with properties taking just five weeks to sell.

The highest quarterly rise came in Sligo (3.8%) where, with market values at €137,000 still below build cost, demand is strong for available stock and prices have increased by 11.3% annually.

Where building is uneconomical, micro markets are forming around the country as buyers with access to finance battle over a restricted supply. This is evident in Tralee, where agents REA Norths report that average three-bed prices increased by €10,000 (5.88%) in the final quarter of the year, due to an increase in available mortgage finance and a lack of suitable housing.

Where new homes are in place, in areas such as Drogheda, the market in second-hand homes has remained static as first-time buyers opt for modern builds and the support of the Help To Buy Scheme.

Time Taken to Sell DEC 2019

 

 

 

 

 

 

 

 

 

 

 

 

AIB Housing Market Bulletin December 2019
  

REA AGM November 2019

REA members across Ireland gathered together for the 2019 Annual General Meeting at the Castleknock Hotel on Friday.

REA AGM 2019

 

Online Auction October 19

Excellent result on the 10th October for the REA Online Auction 🏠💻📱                                                                                                                                    

20 Properties sold!

Check results here

REA Average House Price Survey Q3 2019

The price of the average three-bed semi in Waterford City rose by 4.9% this year while prices in the county rose by 0.8% according to a national survey carried out by Real Estate Alliance.

Over the past three months Waterford prices remained static throughout the county and city areas, 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.

“There is still a shortage of stock in Waterford, but demand has also cooled. This is evident as prices are static. Brexit is definitely having a negative effect,” said Des O’Shea of REA O’Shea O’Toole in Waterford City.

The average three-bed semi-detached house in Waterford city is currently priced at €215,000, and time on the market remains unchanged at eight weeks.

 

“Activity in the market today is quite patchy. The significant media commentary on Brexit is having a noticeable impact, both on vendors considering bringing a property to the market and on buyers considering purchasing,” said Eamonn Spratt of REA Spratt, Dungarvan.

The average price for a three-bed semi-detached house in Waterford county currently sits at €178,000, with time on the market rising this quarter from nine weeks to 10.

The average semi-detached house nationally now costs €235,009, the Q3 REA Average House Price Survey has found – a drop of 0.43% on the Q2 2019 figure of €236,028.

The price of a three-bedroom semi in Dublin’s postal zones fell by an average of €4,500 in the past three months as Brexit uncertainty affects buyers.

Three-bed semi-detached houses in Dublin city registered a third consecutive quarter fall (-1%) since the end of June and have decreased by -3.3% to €428,500 compared to September 2018.

Prices also fell by 1% in the commuter counties in the past three months, with the average house now selling for €246,611 – an annual fall of 0.7%.

After a year of rises to June, agents are citing an uncertainty surrounding Brexit hampering viewing numbers.

Prices in the country’s major cities outside Dublin – Cork, Galway, Waterford and Limerick – remained unchanged in the past three months.

“The highest annual price increases (3.3%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €5,000 in the past year and 0.36% in the past three months to €161,724,” said REA spokesperson Barry McDonald.

 

REA Average House Price Survey Q3 2019

Online Auction July 2019     

Fantastic result on the 31st July for the REA Online Auction 🏠💻📱                                                                                                                                    

25 Properties sold!

 

 

Tenanted homes among 33 lots for REA Online Auction

Dublin tenanted residential properties, as well as groups of vacant apartments in Waterford City and Shannon Town, are among the 33 lots with combined guide prices of more than €4m which will be offered by Real Estate Alliance agents in their online auction on July 31.

The most valuable lot is a tenanted four-bedroom, semi-detached house at 166 Ballymun Road, Ballymun, Dublin 9 which has a €270,000 AMV. Located near the Glasnevin end of the road and about 500m from Dublin City University, it comes with a rear garage converted into a self-contained dwelling and the attic of the house has also been converted. The agent could not confirm the rental income.

Another tenanted unit at 1 The Crescent Carrickmines Manor, Dublin 18 has a €210,000 AMV and with annual rent of €6,000, this equates to a gross yield of less than 2.9pc. Well presented, the two-bedroom apartment extends to 754 sq ft.

The Shannon apartments are at 31, 100 and 101 Bru na Sionna and consist of one first floor, two-bedroom 70 sq m unit and two three-bedroom units of about 90 sq m each in Block A and block D. The combined AMV for the three is €175,000.

In Waterford, three apartments at The Courtyard, Summerhill Terrace are being sold individually with a guide price of €80,000 each. Located in a three-block complex, all have two bedrooms. Apartments 27 and 30 are on the ground floor and Apartment 33 is on the first floor.

A potential investment property overlooking Dunmanus Bay, Goleen in West Cork has a €175,000 guide price. Set on 7.5 acres, this detached four-bedroom house was specifically designed for holiday lettings and its outbuildings offer prospects for further development.

In the north Dublin seaside town of Skerries, a three-bedroom bungalow has a €240,000 guide price.

Known as Hazel Cottage, 6 The Square, its accommodation extends to 65 sq m and includes open plan kitchen/living area.

Source: Donal Buckley, Irish Independent. 18/07/2019

REA Average House Price Survey Q2 2019

The price of the average three-bed semi in Waterford City rose by 2.4% over the last three months, while prices in the county rose by 0.8%, according to a national survey carried out by Real Estate Alliance.
Waterford City prices rose by 7.5% to €215,000 this year, while prices in the county rose by 1.7% to €178,000, 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 seeing good demand for second-hand houses from first time buyers due to shortage of new stock,” said Des O’Shea of REA O’Shea O’Toole in Waterford City.
According to Eamonn Spratt of REA Spratt, Dungarvan, “the market has started to quieten slowly due to a combination of the summer season and commentary on Brexit.”
The time for an average three-bed semi in Waterford City to reach sale agreed rose from four weeks to eight this quarter, while properties in Dungarvan remained at nine weeks.
The average semi-detached house nationally now costs €236,028, the Q2 REA Average House Price Survey has found – a rise of 0.05% on the Q1 2019 figure of €235,898.
Overall, the average house price across the country rose by 1.54% over the past year – a decrease on the 2.96% recorded to March and an indication that the market is continuing to steady after an 8% overall annual rise to June 2018.
Dublin City second hand property prices decreased by an average of €4,500 in the past three months, registering a second consecutive quarter fall (-1%) since the end of March, and -2.2% compared to June 2018.
The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €433,000.
“Wherever we have new homes on the market, they are definitely having an effect on prices in the existing market as they operate in their own price structure, with buyers prepared to pay a premium for A-rated properties,” said REA spokesperson Barry McDonald.
Prices rallied slightly by 0.1% in the commuter counties in the last three months, with the average house now selling for €249,167 – an annual rise of 1.17%.
The increased availability of new homes has had a suppressing effect on prices in some commuter areas such as Kildare, North Wicklow and Meath.
Prices in the country’s major cities outside Dublin were relatively static with agents in Galway and Limerick reporting no change due to an increase in supply and new homes developments.
The highest annual increases (5.3%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €8,000 in the past year and 1.08% in the past three months to €161,138.

 REA Average House Price Survey Q2 2019

Government approves €5 million funding for Waterford runway extension


The chairman and board of Waterford Airport, Dan Browne, has warmly welcomed the announcement of funding approval by Government for the lengthening and widening of the airport’s runway.

"This investment will secure the future of Waterford Airport and allow it to compete for international carriers using jet engine aircraft," he said.

Work will commence immediately on progressing the runway extension and a planning application will be lodged for the extension of the northern end and the runway widening. Planning permission is already in place for the extension of the southern end.

Funding from a combination of private investors, local authorities and the Government will deliver the additional infrastructure subject to the agreement of existing airport shareholders at an EGM to be held shortly. The proposal is also subject formal approval by the local authorities in Waterford, Wexford and Kilkenny.

Dan Browne, chairman of Waterford Airport, said: “The extension of the runway at Waterford Airport is a game-changer for the future of Waterford Airport and the southeast region we serve. It represents a departure in regional aviation in Ireland with the private sector and local authorities acting in partnership to bring a new commercial focus to airport operations."

"The investment by the private sector of €5m is also a first in regional aviation in Ireland and the bringing together of aviation and construction expertise in the form of Conor McCarthy of Leadcom Ltd and Noel Frisby of Frisby Construction, along with strong international enterprises from the region in the form of Glanbia, Coolmore Stud, Waterford Distillery, Dawn Meats and Stafford Wholesale represents a new focus on the future commercial viability of the Airport.”

Cllr John Pratt, Mayor of Waterford, also welcomed the announcement: “Waterford, Kilkenny and Wexford local authorities have long argued that a viable regional airport is vital for the region. The funding of the runway extension is a further boost to the momentum being generated in the economy of Waterford and the southeast as a whole."

“We can now look forward to the airport contributing positively to economic activity in the region, through its services to the public and business alike. We especially welcome the contribution the airport can make to inbound tourism and believe the new entity can bring further exposure and access for visitors to the wonderful landscape, heritage assets and  amenities available in this beautiful corner of the world.”

SOURCE: Waterfordlive.ie

Online Auction May 2019

Fantastic result on the 29th May for the REA Online Auction 🏠💻📱                                                                                                                                    

11 Properties sold!

Next Online Auction 26th June!

 

 

 

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