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Monday, 24 June 2019

Q2 2019 - Average House Price Index

Dublin City second hand property prices decreased by an average of €4,500 in the past three months, the Q2 Irish Independent REA Average House Price Index has found.
The price of a three-bed semi-detached house in Dublin city registered 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.
“Time taken to reach sale agreed in Dublin is now eight weeks in the city and nine weeks in the county – reflecting the impact of new homes developments and the difficulties that people are experiencing in obtaining mortgage approval,” said REA spokesperson Barry McDonald.
“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.

“As a result, many of our agents in Dublin and suburban counties such as Meath have reported price falls and an increase in time taken to sell the average second-hand property and a slowdown in viewings, especially among first time buyers.

“The second-hand market remains quite price sensitive, due mainly to the Central Bank restrictions, with demand for properties priced at under €250,000.

“Areas such as South County Dublin have fallen by €6,500 (-1.6%) in three months to €419,000, while North County Dublin areas such as Swords, Skerries and Balbriggan have remained static with prices averaging €322,500.

“There has been a further 2% reduction in cash buyers in the market in the past three months, with mortgage-approved house hunters now making up 83% of purchasers, increasing the effect of the Central Bank rules on the market.

“Looming over what has been a vibrant market up to now is Brexit, which has been cited as a factor in the longer decision making capital and also holiday home locations around the country.”

The Irish Independent 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.
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.
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, where all four REA agents have reported price falls in the quarter.

REA T&J Gavigan in Kells (-5.26%, €180,000) have reduced asking prices from an average of €190,000 in March in order to stimulate demand, while REA Grimes in Ashbourne report -0.8% falls from €302,500 to €300,000.

Agents in Trim have seen the average three-bed semi fall by €7,000 (-2.7%) in three months to €250,000, while it is a similar story in Navan where prices fell by -2.1% to €230,000.

“Overall, the level of activity has decreased with buyers looking at a larger range of properties, slowing the time taken to sell to 10 weeks in towns such as Navan and Trim,” said Barry McDonald.

“In Louth, we have reports of investors returning to the market in both Dundalk and Drogheda, chasing value in second-hand properties, while an increase in supply of new homes is soaking up the first-time buyer market.”
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.
Cork City showed a slight rise of 0.8% to €320,000 with agents REA O’Connor Murphy anticipating a full year increase to 3%, in spite of an increase of new homes developments in the area.
Waterford City reported a quarterly increase of 2.4%, with tightening supply rising prices to €215,000, up €5,000 from the end of March.
“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.
“However, like the major cities outside Dublin, our country towns report a 25% annual increase in time taken to sell from six to eight weeks.
“REA Celtic Properties in Bantry are reporting that Brexit has had a large effect on the market of properties over €300,000. Demand for those priced under €200,000 is active, but the market has slowed to an average selling time of 14 weeks.

“Longford recorded the largest annual rise at 21.9%, with prices increasing from €96,000 to €117,000 in 12 months, and 1.7% since March.

“In Leitrim, REA Peter Donohoe has seen prices jump from €80,000 to €90,000 in the past three months due to increased demand and limited supply – an increase of 12.5% on Q1 and 21.8% on the full year.

“In Tipperary, both REA John Lee in Newport (2.9%) and REA Eoin Dillon (1.74%) in Nenagh report rises in prices to €175,000, but also increases in time to sell.”

Ends

Available for interview: Barry McDonald, REA spokesperson, barry@reamcdonald.ie 086 387 3800
Media information: Darren Hughes, darren@mediaconsult.ie, 086 293 7037










Tuesday, 21 May 2019

JOB POSITION KELLS CO. MEATH


REA T & J Gavigan Kells, Co. Meath are currently recruiting a part time residential sales and lettings negotiator on a one year contract basis. The successful applicant will be required to start as soon as possible and be flexible for weekend work.
 We are looking for candidates with enthusiasm, creativity and drive.
Key responsibilities
Day to day tasks within Sales and Lettings of residential property.
Instrumental in branch achieving its sales and new business targets.
Carry out property appraisals and viewings.
Liaise and negotiate to complete sales and lettings process.
Focus and care in ensuring clients experience a superior customer experience.
Manage key client relationships.
Develop and maintain good working relationships with all.
Administration requires attention to detail

Have a resilient, positive and friendly attitude with Systems & IT competence.

Required Education, Skills and Qualifications
PSRA Licence or have the qualification to obtain one
Knowledge of the Meath property market.
Excellent focus and care to customer service skills.
Organised and highly motivated.
Own car and full driver's licence.

All applicants please apply to Cara Gavigan at cara@reatjgavian.ie






Tuesday, 16 April 2019

REA attend UK property Expo


UK buying interest in property is growing very strongly, according to Real Estate Alliance, who showcased local properties at a massive property exhibition in London last weekend.

REA agents were among those who brought local properties to the London Investor Property Show in The ExCel Exhibition Centre, which had an attendance of 7,000 investors.

“The UK market that has increased by 12% over the past year and REA were the sole Irish exhibitors at this influential expo,” said Mr. Anthony McGee, Vice-Chairman of REA.

Over 74% of estate agents have seen an increase in enquiries from the UK over the past year, a nationwide Brexit property survey carried out by the Real Estate Alliance group has found.

“UK buyers have money to Invest and are seeking opportunities outside their country.

“Ireland is their closest neighbour, we share a common language and has a property market that UK buyers can easily understand and access.

“We saw the greatest demand for investments that yielded 6.5% or better and also from buyers who are seeking Rural Homes who see Ireland as a viable and affordable option.

“We will be hosting viewings for these buyers over the coming weeks and if you have a property that might fall into those categories contact your local agent on REA.ie”

“UK buyers make up 10% of overall enquiries and 6% of sales in the Irish market, with my colleagues in REA reporting an average of 4.3 sales to UK buyers last year.

“30% of enquiries to REA agents cite Brexit as a direct reason for clients moving to Ireland while 21% are coming to live and work in Ireland for reasons unrelated to Brexit.

“Of those, 15% intend to commute to work in the UK, 27% will be working from home for UK companies and 58% will now be working in Ireland – the latter figure an increase of 12% on the previous survey.”

The survey also shows that 23% are buying for eventual or immediate retirement, 8% are investors, 8% are looking for a change in lifestyle, and 9% are purchasing holiday homes – a market that has been hit by the fall in sterling value and remains unchanged over the past six months.

The typical UK buyer is looking for a rural property (54%) with 66% of people looking for a standalone development.


Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

Tuesday, 2 April 2019

Enquiries are up from the UK


Over 74% of estate agents have seen an increase in enquiries from the UK over the past year, a nationwide Brexit property survey carried out by the Real Estate Alliance group has found.

30% of all enquiries from UK buyers are now directly related to Brexit – up 13% on the previous survey carried out six months ago – with 14% of subsequent sales directly due to jobs moving to Ireland.

Agents reported that almost 60% of enquiries were from buyers in London or the South East of England – up from 40% six months ago, and indicative of a shifting jobs market.

And while cross-border residential activity in Border counties and holiday home sales are down, the number of agents reporting a decrease in enquiries has fallen from 21% to 7% in six months.

Overall enquiries are up by an average of 23% among those experiencing an uplift, while those reporting a decrease are seeing calls down by 20%.

Sales to UK buyers have increased by 12% on average over the past year, according to the REA survey.

“UK buyers make up 10% of overall enquiries and 6% of sales in the Irish market, with our agents reporting an average of 4.3 sales to UK buyers last year,” said REA spokesperson Barry McDonald.

“30% of enquiries to REA agents cite Brexit as a direct reason for clients moving to Ireland while 21% are coming to live and work in Ireland for reasons unrelated to Brexit.

“Of those, 15% intend to commute to work in the UK, 27% will be working from home for UK companies and 58% will now be working in Ireland – the latter figure an increase of 12% on the previous survey.”

The survey also shows that 23% are buying for eventual or immediate retirement, 8% are investors, 8% are looking for a change in lifestyle, and 9% are purchasing holiday homes – a market that has been hit by the fall in sterling value and remains unchanged over the past six months.

The typical UK buyer is looking for a rural property (54%) with 66% of people looking for a standalone development.

The biggest percentage of sales to UK buyers (22%) is in the over €500k category, while the average at all €50k stages above the average house price in the State (€236,287) is between 15-17% with 16% between €300k-€500k (down 6% from the previous survey).

“25% of UK buyers now have no connection with Ireland, which would be a change in historical patterns of enquiries and sales,” said McDonald.

Over 7,000 UK property buyers are being offered the chance to view thousands of Irish properties, and to talk to the people selling them, when REA exhibit at the UK Property Investor Show on April 12-13 at ExCel London.

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

For more information listing properties for the UK Property Investor Show see realestatealliance.ie/overseas.


Ends

Media information: Darren Hughes, darren@mediaconsult.ie, 086 293 7037

Monday, 25 March 2019

REA Average House Price Survey Q1 2019

Property prices in Dublin city have decreased by an average of €7,500 in the first three months of the year as mortgage finance rules bite, the Q1 REA Average House Price Index has found.
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.

“There are essentially two markets – people who have to buy and people who can choose to move.
“The first set of buyers are purchasing properties under €350,000, but the latter are either cautious about values and interest rates post-Brexit and are adopting a wait-and-see approach, or cannot secure mortgage approval.
“There is also no doubt that Brexit is causing uncertainty in the higher end of the market."
“Our agents also report that buyers have been less location specific and more driven by price in Dublin and surrounding areas in the first quarter.”

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.
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.
Overall, the average house price across the country rose by 2.9% over the past year – a decrease on the 4.6% recorded to December and indicating that the market is continuing to steady after a 9.1% overall annual rise to the end of Q1 in 2018.
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.
While there were rises in Kildare (1.1% to €276,500), prices fell in Wicklow (-0.7% to €289,000) and Louth (-3.6% to €202,500).
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.
Ends
Barry McDonald, REA spokesperson, barry@reamcdonald.ie 086 387 3800
Media information: Darren Hughes, darren@mediaconsult.ie, 086 293 7037








Sunday, 24 March 2019

REA Survey on the UK market

Over 74% of estate agents have seen an increase in enquiries from the UK over the past year, a nationwide Brexit property survey carried out by the Real Estate Alliance group has found.

30% of all enquiries from UK buyers are now directly related to Brexit – up 13% on the previous survey carried out six months ago – with 14% of subsequent sales directly due to jobs moving to Ireland.

Agents reported that almost 60% of enquiries were from buyers in London or the South East of England – up from 40% six months ago, and indicative of a shifting jobs market.

And while cross-border residential activity in Border counties and holiday home sales are down, the number of agents reporting a decrease in enquiries has fallen from 21% to 7% in six months.

Overall enquiries are up by an average of 23% among those experiencing an uplift, while those reporting a decrease are seeing calls down by 20%.

Sales to UK buyers have increased by 12% on average over the past year, according to the REA survey.

“UK buyers make up 10% of overall enquiries and 6% of sales in the Irish market, with our agents reporting an average of 4.3 sales to UK buyers last year,” said REA spokesperson Barry McDonald.

“30% of enquiries to REA agents cite Brexit as a direct reason for clients moving to Ireland while 21% are coming to live and work in Ireland for reasons unrelated to Brexit.

“Of those, 15% intend to commute to work in the UK, 27% will be working from home for UK companies and 58% will now be working in Ireland – the latter figure an increase of 12% on the previous survey.”

The survey also shows that 23% are buying for eventual or immediate retirement, 8% are investors, 8% are looking for a change in lifestyle, and 9% are purchasing holiday homes – a market that has been hit by the fall in sterling value and remains unchanged over the past six months.

The typical UK buyer is looking for a rural property (54%) with 66% of people looking for a standalone development.

The biggest percentage of sales to UK buyers (22%) is in the over €500k category, while the average at all €50k stages above the average house price in the State (€236,287) is between 15-17% with 16% between €300k-€500k (down 6% from the previous survey).

“25% of UK buyers now have no connection with Ireland, which would be a change in historical patterns of enquiries and sales,” said McDonald.

Over 6,000 UK property buyers are being offered the chance to view thousands of Irish properties, and to talk to the people selling them, when REA exhibit at the London Property Show on April 12-13 at ExCel London.

"Brexit is driving an upswing in commercial property investment on the vital M1 north-south corridor according to both of our agents in Co Louth, with REA Gunne Property in Dundalk reporting a doubling of interest in the past 12 months.

"In the residential market, most areas are reporting increased calls from the UK but uncertainty on a local level is slowing the number of properties coming to market.

"In my own practice in Lucan we have had a 20% increase in enquiries, but many local buyers are adopting a wait and see approach in regard to values.

"This uncertainty is having a multitude of effects in the same county in many cases.

"Our agents in Roscrea, REA Seamus Browne, have seen a doubling of business from the UK this year.

"However, in Clonmel, REA Stokes and Quirke have sold five houses this year for people in rural areas heading back to the UK - with another two on the market as people take advantage of the drop in value of Sterling.

"In Kilkenny, REA Grace in Callan (+15%) are getting a lot of enquiries from the UK with people having already made up their mind that they are moving to Ireland.

"The holiday home market in border areas has slowed due to reticence on behalf of Northern buyers.

"In other traditional areas such as West Cork, our agents are reporting that potential UK buyers are increasingly looking at the rental market, which is being hit by a shortage of available properties.

"Our agent in Limerick REA O’Connor Murphy is reporting that interest is still strong in the once-off property in the west of Ireland, which is unlikely to be driven by Brexit job movement."

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

Ends

Media information: Darren Hughes, darren@mediaconsult.ie, 086 293 7037




Thursday, 10 January 2019

REA predictions for 2019

It’s a deal or no deal scenario for Irish property in 2019 as the spectre of Brexit hangs over property agents’ predictions for the coming year.

A survey carried out for the Irish Independent by the Real Estate Alliance Group has found that agents throughout the country expect prices to rise by 4.2% on average in the next 12 months.

However, a hard Brexit will present the market with challenges across the country, the survey has found.
The 4.2% prediction comes off the back of a 2018 which saw prices increase by 4.64% nationally and 1.97% in Dublin city and county with less than 1% growth across the country in Quarter Four.
Price rises of 2.8% are predicted by agents in Dublin city, with north county Dublin increases of 4% forecasted (4.9% last year), just ahead of an anticipated upturn of 3.5% in the south of the county (0.9% in 2018).

John Cumisky of REA Cumisky in Swords and Balbriggan is predicting a slow start to the year until Brexit is resolved, with any increases in the low single digits.

This is echoed in the higher end of the market in South Dublin where REA Ed Dempsey states that the Brexit effect is now starting to show at the upper end of the market, and that next year’s prices will reflect the Brexit outcome.

“Typically, it remains the case that lower value stock is selling better than larger family homes above €400,000,” said REA spokesperson Barry McDonald.

“We expect minimal increase in values as stock levels on the market continue to rise.

“In my own area of Lucan, new home developments are earmarked to hit the market in Spring 2019, and this will only continue the trend of increased stock numbers.

“It is hard to predict what will happen with Brexit and property prices. Our agents either see people holding back in border and holiday home areas because sterling might rise giving buyers more power, or more generally, because they do not know how the market will react to a no deal scenario.”

Agents in three of the four main cities outside Dublin are cautiously optimistic about 2019, with rises of 4% predicted in Cork (2.4% in 2018) and 5% in Galway which experienced 9.7% growth last year.

While Limerick is also forecasting 4% which matches its yearly growth, with agent Michael O’Connor of REA O’Connor Murphy predicting an increase in the new homes market while the second-hand area will behave as in the latter stages of 2018 with sales taking longer to transact.

Agents in Waterford are predicting that prices will rise by 10% after a year which saw average houses sell for €210,000 – an increase of €15,000 or 7.7% in the last 12 months.

“Demand continues to be strong and asking prices are being exceeded by competitive bidding in Waterford City,” said Des O’Shea of REA O’Shea O’Toole.

“We expect the 2019 market to be buoyant. Factors include easier access to mortgage finance, good demand, and scarcity of given property types.”

Counties around Dublin are forecasting a rise of 4.6% on average after a year which saw their prices increase by 4.1%, slightly below the national figure.

“We would anticipate a modest increase, possibly up to 3% during 2019,” said Darina Collins of REA O’Brien Collins.

“The political uncertainty around Brexit, the Central Bank lending restrictions and the fact that mortgage exemptions are front loaded to the beginning of the year are all pointing to a fairly flat market.”

Apart from Waterford city, the biggest rise being predicted nationwide is in Longford, where affordable housing at an average price of €105,000 drove inflation of 16.7% in 2018.

The Brexit effect is not only being felt in our major towns and cities, with middle Ireland anticipating the downside of no agreement on property prices.

“A hard Brexit could have a serious knock-on effect to some large employers in the area and to the residential letting market,” said Robbie Grace of REA Grace in Callan Co Kilkenny, where a 2% is predicted for 2019.

Former REA Chairman Eoin Dillon has described how a deal or no deal scenario would affect business in Tipperary in plain terms.

“If Brexit goes well then a +5% to +10% increase will be on the cards.  If it’s no deal, or a bad deal, then we foresee only a nominal increase,” he said.

The higher end of the market, over €500,000, has been impacted by Brexit, claim agents REA Coyne & Culloty in Killarney.

“If there is no hard Brexit, sterling could rise, and potential buyers are therefore holding off as there could be up to 15% extra to spend in this case,” said Donal Culloty.

Other traditional holiday home destinations such as Bantry are finding a new breed of Brexit buyer relocating from the mainland Europe.

“This year three UK couples relocated from Spain, Portugal and France due to Brexit – all purchasing properties under €200,000,” said John O’Neill of REA Celtic Properties.

Ends

Media information: Darren Hughes, darren@mediaconsult.ie













Wednesday, 26 December 2018

REA Property Price Survey Q4 2018


A slowdown in mortgage lending towards the end of the year is putting a stop to house price inflation in Dublin and surrounding areas, the Q4 Irish Independent REA Average House Price Index has found.
The availability of finance in the market in the latter half of the year is causing what some agents term the Q4 effect, with mortgage lending significantly slowing and buyers complaining that they cannot secure funding for obscure reasons.
The price of a three-bed semi-detached house in Dublin city has increased by just 1.6% in the last 12 months as the Central Bank’s borrowing rules increasingly define affordability in the housing market.
And the capital’s postcode districts saw an increase of just 0.4% in the final quarter of the year compared to 1.5% in the corresponding period in 2017.
One agent, REA Fitzgerald Chambers in Stoneybatter, reported that average prices dropped by €20,000, or -5%, in the final quarter of the year, with average sales times increasing from four to eight weeks.
After rising by 12.5% in 2017, the average price of a second-hand semi-detached house in the capital has increased by just over €7,000 this year and now stands at €445,167.

In line with the rest of the country, the Dublin market has become price sensitive with prices in the north of the county rising by 4.9% to €322,500 in the past 12 months – but remaining static in Swords, Skerries and Balbriggan in the final quarter.

This is in contrast to South County Dublin where prices rose 0.2% on the quarter but have risen by just 0.9% this year, with the average three-bed semi selling for €411,000, and the time taken to sell rising from six to seven weeks.

The Irish Independent 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.
 “Across the board, agents are reporting that the supply of finance to the market has decreased as banks use up their exceptions to the rules in the early part of the year,” said REA spokesperson Barry McDonald.
“There is a marked decline in the amount of cash buyers in the market – down from 27% to 19% – and that is increasing the influence of the Central Bank’s mortgage lending restrictions on the market.
“There seems to be a direct correlation between enquiry levels and the difficulty in obtaining mortgage approvals, and we have seen time taken to sell rise from five to seven weeks as the year has gone on.
“The second-hand market has become extremely price sensitive across the country and it is the areas with quality housing stock available for under €270,000 that are achieving highest growth.
“Once again there is a drop-off in viewings for four-bedroomed housing in certain areas where they are priced over €400,000, illustrating the influence of the Central Bank rules.”
One agent, REA Sothern in Carlow, is forthright in their description of buyer financing in the marketplace.
“It appears that the lending institutions have used their quotas for the year and are stringing out loan application processes,” said Harry Sothern.
“Sales have fallen through when pre-approved purchasers failed to obtain their mortgage approval.”
The average semi-detached house nationally now costs €236,287, the Q4 REA Average House Price Survey has found – a rise of 0.6% on the Q3 2018 figure of €234,284.
Overall, the average house price across the country rose by 4.6% in 2018 – a decrease on the 5.4% recorded to September and indicating that the market is continuing to steady after an 11.3% overall rise in 2017.
Growth in the commuter counties also slowed to 0.38% in the last three months – an annual rise of 4.18% – with the average house now selling for €249,472.
This is an annual rise of €10,000 and growth of €2,000 in the last three months.
The country’s major cities outside Dublin recorded the biggest rise of the quarter at 1.25%, an annual increase of 5.81%, with an average three-bed semi costing €252,500.
The biggest urban rise was seen in Galway City, where selling prices rose by 2.7% in the quarter to €282,500 – a yearly increase of 9.7%.
“The Galway city market remains buoyant, however it is taking a longer to get sales closed, with average time to sell rising from four to seven weeks in the final quarter,” said Kevin Burke of REA McGreal Burke.
“At the higher price points, sales are slower as the number of cash buyers has dropped from 15 to 10% over the course of the year.”
The price of housing in Waterford City, at €210,000, is one of the reasons for its 2.4% rise in Q4, and 7.7% annual increase, according to Barry McDonald.
“Our agents REA O’Shea O’Toole report that demand continues to be strong and asking prices are being exceeded by competitive bidding., with properties achieving sale agreed status within four weeks of being put on the market,” he said.
“Prices have stayed static in Limerick City in Q4, with its average selling price of €200,000 representing a 4.2% increase throughout 2018 and local agent REA O’Connor Murphy stating that an increase in new developments has stabilised the second-hand residential market.
“Cork has experienced the slowest growth of the four, up 2.4% annually, with an average price of €317,500 remaining static in the past three months and agents reporting a limited supply of three-bed semis in mature and popular residential areas.”
The highest annual increases (7.7%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €10,000 in 2018 and which experienced a 0.85% rise in Q4 to an average of €157,717.
“In these areas you largely have the perfect storm of affordability within the 10% deposit range, and no new homes as it is still uneconomical to build in many places,” said Barry McDonald.
“For example, our agents Coyne & Cuddihy in Killarney report an excellent market for new semi-detached houses up to €250,000, but there is little supply as prohibitive land costs and taxes ensure builders cannot produce houses at this price.
“Brexit uncertainty has also had a major effect in some parts of the country, and in holiday home areas such as Killarney and Bantry buyers in the over €500,000 category are hedging their bets on a rise in sterling if there is no hard Brexit, which could give them 15% increase in value.
“The highest rate of increase in the rest of the country in Q4 came in Longford, where prices rose by 5% to €105,000, giving an annual increase of 16.7%.
“However, as local agent REA Brady state, Longford is still one of the cheapest places in Ireland to buy property, with lots of head room for further price increases.
“The highest annual gains in property came in Laois, which rose 18.2% from €165,000 to €195,000, but which was static in Q4.”
There was also a slowdown in the purchasing of new homes in Dublin in Q4, according to REA agent Paul Grimes.

“New homes were slower than the previous quarter due to increased supply, astute purchasers, and lending exceptions having been reached.

“We are seeing these conditions in far greater volume than in previous years which suggests a changed landscape.

“Construction costs are continuing to climb with workforce availability under increasing pressure, thus putting upwards pressure on new homes’ pricing.”

Ends

Media information: Darren Hughes, darren@mediaconsult.ie









Monday, 15 October 2018

Brexit effect sees property sales to UK buyers rise by 10%

Sales to UK buyers have increased by 10% on average over the past year, a nationwide Brexit property survey has found.

Over 46% of estate agents have seen an increase in enquiries from the UK over the past year, according to the survey carried out by the Real Estate Alliance group.

17% of all property transactions with UK buyers are now directly related to Brexit, with 12% due to jobs moving to Ireland.

The Brexit effect has also hit enquiries in border areas and holiday home destinations, with 21% of agents reporting a decrease in calls from the UK.

Overall enquiries are up by an average of 24% among those experiencing an uplift, while those reporting a decrease are seeing calls down by 25%.

“UK buyers make up 11% of overall enquiries and 6% of sales in the Irish market, with our agents reporting an average of five sales each last year, up 10% on the previous 12 months,” said REA spokesperson Barry McDonald.

“17% of enquiries to REA agents cite Brexit as a direct reason for moving to Ireland. 23% are coming to live and work in Ireland, which is up from 16% in our comparable 2016 survey.

“Of those, 20% intend to commute to work in the UK, 34% will be working from home for UK companies and 46% will now be working in Ireland.”

The survey also shows that 27% are buying for eventual or immediate retirement, 16% are investors, 11% are looking for a change in lifestyle, and 8% are purchasing holiday homes – a market that has been hit by the fall in sterling value.

The typical UK buyer is looking for a rural property (55%) with 67% of them opting for a standalone development.

While the average house price in the State is €234,824, 20% of sales to UK buyers are between €250k-€300k with 22% between €300k-€500k.

Agents reported that almost 40% of enquiries were from buyers in London or the South East of England.

“While 52% of enquiries are coming from returned emigrants, 28% have no previous connection with the country, which we would note as a significant shift,” said McDonald.

“Among our agents who have reported an increase, there is a sentiment that many buyers are leaving the UK in a mixture of fear of the future and disappointment with the result.

“UK activity is the higher end of the market has stalled, according to REA Forkin in Bray who claim that at the €700-800k mark, the prospective buyer is more likely to be engaged in an industry which is affected by Brexit.

“In traditional holiday home spots, agents feel that buyers are reluctant to make a final decision, with many opting to rent."

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.


Ends


Media information: Darren Hughes, darren@mediaconsult.ie, 086 293 7037

Wednesday, 26 September 2018

Q3 Average House Survey 2018 - Kilkenny


The average price of a three-bed semi in Kilkenny City dropped 1.1% to €249,500 between June and September, according to a national survey carried out by Real Estate Alliance.
Overall, the price of the average three-bed semi in County Kilkenny rose by 0.5% to €215,500 between June and September.
County Kilkenny prices rose by 7.5% in the last 12 months, the survey found.
“The bottom of the market is still very strong, but the demand for houses priced at €400,000 upward has definitely slowed,” said Michael Boyd of REA Boyd’s in Kilkenny City.
“There remains a lack of supply, but activity is very strong, there is demand for all properties,” said Robbie Grace of REA Grace in Callan, where the price of the average three-bed semi rose 2.9% to €175,000 this quarter.
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.
The average semi-detached house nationally now costs €234,824, the Q3 REA Average House Price Survey has found – a rise of 1% on the Q2 2018 figure of €232,441.
Overall, the average house price across the country rose by 5.8% over the past 12 months – a decrease on the 8% recorded to June and indicating that the market is continuing to steady after an 11.3% overall rise in 2017.
The price of a three-bed semi-detached house in Dublin has increased by just 2.7% in the last 12 months as the Central Bank’s borrowing rules increasingly define affordability in the housing market.
The rate of increase in second-hand three-bed semi-detached home prices in Dublin city’s postcode zones was just 0.1% over the last three months, compared to 4.1% for the same quarter last year.
After rising by 12.5% in 2017, the average price of a second-hand semi-detached house in the capital has increased by just €5,300 so far this year and now stands at €443,333.
Growth in the commuter counties also slowed to 0.9% in the last three months, with the average house now selling for €248,528 – a rise of €2,000 on the second three months of the year.
The country’s major cities outside Dublin recorded a combined Q3 rise of 0.8%, with an average three-bed semi costing €249,375.
The highest increases were seen in the rest of the country’s towns, which experienced a 2.1% rise in Q3 to an average of €156,383 – up €3,000 in 12 weeks.
“These are areas where many buyers can still escape with a 10% deposit, it is still largely not economic to build new homes, and the dwindling supply existing stock at lower rates is disappearing,” said REA spokesperson Barry McDonald.

Ends
Available for interview:   
Robbie Grace, REA Grace, Callan, 086 8297189
Michael Boyd, REA Boyd’s, Kilkenny, 087 2611699
Media information: Darren Hughes, 086 293 7037, darren@mediaconsult.ie



Monday, 24 September 2018

REA Q3 2018 Average House Price Report

The Central Bank’s mortgage lending restrictions are putting a stop to rampant house price inflation in Dublin and surrounding areas, the Q3 Irish Independent REA Average House Price Index has found.
The price of a three-bed semi-detached house in Dublin has increased by just 2.7% in the last 12 months as the Central Bank’s borrowing rules increasingly define affordability in the housing market.
The rate of increase in second-hand three-bed semi-detached home prices in Dublin city’s postcode zones was just 0.1% over the last three months, compared to 4.1% for the same quarter last year.
After rising by 12.5% in 2017, the average price of a second-hand semi-detached house in the capital has increased by just €5,300 so far this year and now stands at €443,333.

Prices in the north of the county have risen by 7.5% in the past 12 months, and 0.8% since June to an average of €322,500.

This is in stark contrast to South County Dublin where prices are static on the quarter and have risen by just 2.4% since last September, with the average three-bed semi selling for €410,000, and the time taken to sell rising from five to six weeks.

“There is no doubt that the Central Bank rules are having an effect in the market, and are achieving what they set out to do in terms of keeping a lid on prices,” said REA spokesperson Barry McDonald.

“In the Celtic Tiger years, all prices rose across the board, but in 2018 the system is actually working and the only price inflation is in a new homes market that is concentrated in pockets.

“There has been a 3% reduction in cash buyers in the market in the past three months, with mortgage-approved house hunters now making up 78% of purchasers, increasing the effect of the Central Bank rules on the market.
“The second-hand market has become extremely price sensitive, not just in Dublin, and when we look across the country it is the areas with quality housing stock available for under €270,000 that are achieving highest growth.
“The effect of the Central Bank’s borrowing rule on price ceilings is brought sharply into focus by a drop-off in viewings for four-bedroomed housing in certain areas where they are priced over €400,000, for example.
“Many agents are attributing the lack of transaction to the fine weather in the summer, and report an upswing in activity in September.

“However, there is a defined slowdown in the annual rate of house price inflation as measured in our survey, which is the most reliable indicator of a stable market.”
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.
The average semi-detached house nationally now costs €234,824, the Q3 REA Average House Price Survey has found – a rise of 1% on the Q2 2018 figure of €232,441.
Overall, the average house price across the country rose by 5.8% over the past 12 months – a decrease on the 8% recorded to June and indicating that the market is continuing to steady after an 11.3% overall rise in 2017.
Growth in the commuter counties also slowed to 0.9% in the last three months, with the average house now selling for €248,528 – a rise of €2,000 on the second three months of the year.
“Commuter areas such as Navan, where housing is priced at an average of €235,000, are experiencing steady growth (+2.2%) because of affordability under the Central Bank rules, and location,” said Barry McDonald.
The country’s major cities outside Dublin recorded a combined Q3 rise of 0.8%, with an average three-bed semi costing €249,375.
Both Waterford (+2.5% €205,000) and Galway (+0.9% €275,000) recorded increases, with agents in both locations citing strong demand but a shortage of suitable properties.
Limerick city (€200,000) returned its first static figure in a number of years, with local agent Michael O’Connor attributing the slowdown in transactions and properties coming to market to the fine weather at the height of summer.
“September appears to be the month where we caught up on lost time and once the kids returned to school the market accelerated with a noticeable increase in transactions,” said Mr O’Connor.

“We are very optimistic that Q4 will be the busiest of the year with enquiries in our office have increasing by around 30%.”
Cork city also registered 0% growth in the quarter with the time taken to sell now running at nine weeks,
The highest increases were seen in the rest of the country’s towns, which experienced a 2.1% rise in Q3 to an average of €156,383 – up €3,000 in 12 weeks.
“These are areas where many buyers can still escape with a 10% deposit, it is still largely not economic to build new homes, and the dwindling supply existing stock at lower rates is disappearing,” said Barry McDonald.
“The highest rate of increase in the country came in Carrigallen in Leitrim where agent Peter Donohoe reported rises of €10,000 to an average of €80,000 (14.3%) in Q3, driven by a lack of supply and a relatively affordable average price.”
Ends

Wednesday, 27 June 2018

Q2 2018 Average House Price Survey - Dublin

The increase in supply of new homes in Dublin is having an effect on second-hand prices in some areas, the Q2 REA Average House Price Index has found.
The rate of increase in second-hand three-bed semi-detached home prices in in Dublin city was just 0.7% in the last three months, with prices falling slightly in one suburb.
After rising by 12.5% in 2017, the average price of a second-hand semi-detached house in the capital has increased by just €5,000 so far this year and now stands at €443,000.

“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.

“As a result, many of our agents in Dublin have reported an increase in time taken to sell the average second-hand property and a slowdown in viewings, especially among first time buyers.

“As agents, our big challenge is to get vendors to accept the reality of the situation on the ground where sellers are not achieving the sort of inflated asking prices that they may expect for properties.

“In my own area, Lucan, we have seen the average three-bed semi price drop slightly by -0.6% (€2,000) in the past three months to €352,000, simply because of the selection of available new homes in the area.

“In the Celtic Tiger years, all prices rose across the board, but in 2018, the system is actually working and the only price inflation is in a new homes market that is concentrated in pockets.”

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.

Anthony McGee of REA McGee in Rathcoole and Tallaght reports strong demand in both areas and a shortage of suitable supply on the market.

“In Tallaght we are seeing a good number of first time buyers looking to get on the housing ladder as a result of increasing rents, and prices have increased by 1.9% to €265,000, with houses now taking four weeks to sell,” said Anthony.

“We have seen no change with prices static at €315,000 in our Rathcoole office and properties again taking a week longer to sell at five weeks in this easily commutable suburb.”

Paul Grimes of REA Grimes sees steady demand for properties in the city centre where prices are static at €513,000 in the past quarter, with a strong appetite for small units and a high number of cash buyers still present in the market.
“We have recorded increases of 1.4% in Skerries (€370,000) with property being seen as more affordable than the city,” said Mr Grimes.

John Cumisky of REA Cumisky reports that selling prices for three-bed semis in Balbriggan have risen by 1.9% in Q2 and now stand at €270,000, with average selling times moving from six to eight weeks.
REA Ed Dempsey report an increase of 1.7% to €595,000 in Clonskeagh and a 1% increase in Dun Laoghaire where the average price is now €505,000 and easy transport to the city centre is proving a draw.
REA Orchard in Rathfarnham are reporting a €5,000 increase (1.1%) in the past three months to €480,000,  but as is the case throughout the capital, time taken to sell has increased – in this case from four to five weeks.
The average semi-detached house nationally now costs €232,441, the Q2 REA Average House Price Survey has found – a rise of 1.5% on the Q1 2018 figure of €229,111.
Ends
Available for interview:
Barry McDonald, REA spokesperson
barry@reamcdonald.ie 086 387 3800
Ed Dempsey, REA Ed Dempsey, 086 172 4449
Patrick Riney, REA Orchard, Rathfarnham, 087 2518588
Paul Grimes, REA Grimes, Merrion Sq, 087 2258678
Anthony McGee, REA McGee, Tallaght, 087 2799332
Media information: Darren Hughes, 086 293 7037, darren@mediaconsult.ie




Monday, 25 June 2018

Q2 2018 Average House Price Survey

The increase in supply of new homes in Dublin and commuter counties is having an effect on second-hand prices in some areas, the Q2 Irish Independent REA Average House Price Index has found.
The rate of increase in second-hand three-bed semi-detached home prices in Dublin city and county was just 0.8% in the last three months, with prices falling slightly in one suburb.
After rising by 12.5% in 2017, the average price of a second-hand semi-detached house in the capital has increased by just €5,000 so far this year and now stands at €443,000.

“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.

“As a result, many of our agents in Dublin and suburban counties such as Meath have reported an increase in time taken to sell the average second-hand property and a slowdown in viewings, especially among first time buyers.

“As agents, our big challenge is to get vendors to accept the reality of the situation on the ground where sellers are not achieving the sort of inflated asking prices that they may expect for properties.

“In my own area, Lucan, we have seen the average three-bed semi price drop slightly by -0.6% (€2,000) in the past three months to €352,000, simply because of the selection of available new homes in the area.

“In the Celtic Tiger years, all prices rose across the board, but in 2018, the system is actually working and the only price inflation is in a new homes market that is concentrated in pockets.

“This is not a nationwide situation, as suburban Dublin is a sweet spot where there is serviced land available to build, plenty of financed buyers and baseline values that make it profitable for builders to develop new homes.”

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.
The average semi-detached house nationally now costs €232,441, the Q2 REA Average House Price Survey has found – a rise of 1.5% on the Q1 2018 figure of €229,111.
Overall, the average house price across the country rose by 8% over the past 12 months – indicating that the market is continuing to steady after an 11.3% overall rise in 2017.
The commuter counties continued their recent steady growth with a 1.7% increase in Q2, with the average house now selling for €246,278 – a rise of €4,000 on the first three months of the year.
“Working from home has become part of the equation to beat both commuting and property for many buyers, according to REA Forkin in Wicklow Town who have seen prices rise by 3.3% to €315,000 in the last quarter,” said Mr McDonald.
“They are seeing increased demand from young Dublin couples in more rural locations like Aughrim and Rathdrum.

“Co-location has become a buzzword among buyers, and all almost all of their prospective rural purchasers mention working from home for three days a week and commuting to Dublin for the other two.”
The country’s major cities outside Dublin recorded a combined Q2 rise of 1.5%, with an average three-bed semi costing €247,500.
Galway City saw a 2.8% rise to €272,500 for the second quarter in succession, with the western city recording an 11.2% increase in the past 12 months with local
“Buoyant demand is continuing to drive interest in starter homes in Galway, with a  significant number of first-time buyers purchasing in estates all over the city as lending has loosened up,” said McDonald.
“Average Q2 selling prices were also 2.6% higher in Waterford City, where the typical semi-detached house is now fetching €200,000 and a shortage of supply is reported.
“First-time buyers are driving up prices due to the shortage of new builds and banks are tending to finance only in blocks of 12, and when they are sold, further finance is made available according to REA O’Shea O’Toole in Waterford City.

“The lowest growth in the past year has been in Cork City where prices have risen by 0.8% in Q2, and just 2.4% in the year, to a current average of €317,500.

“Our agents are reporting that a shortage of supply in mature areas, the deposit limit restrictions and the Help To Buy scheme driving first-time buyers to new homes have been factors in this figure.”

The highest increases were seen in the rest of the country’s towns, which experienced a 2% rise in Q2 to an average of €153,094 – up €3,000 in 12 weeks.
“These are areas where it is still largely not economic to build new homes, and the dwindling supply existing stock at lower rates is disappearing,” said McDonald.
“The highest rate of increase in the country came in Castlerea in Roscommon where agent Seamus Carthy reported rises of €10,000 to an average of €120,000 (9.1%) in Q2 as supply continues to constrict.
“This represents a 33% increase on the June 2017   where prices rose by €10,000 or 12% in Q1.”
Ends
Available for interview:
Barry McDonald, REA spokesperson
barry@reamcdonald.ie 086 387 3800
Media information: Darren Hughes, 086 293 7037, darren@mediaconsult.ie




Sunday, 22 April 2018

REA Launch Online Auction Platform

A leading estate agency group have launched a dedicated online auction platform which aims to reduce the time taken to sell the average property from months to weeks.

REA are now the first property group to offer an integrated online and offline property service, allowing vendors to switch between the two.

The REA Online Auctions platform allows all legal documents around a property sale to be uploaded in advance, removing the unnecessary delays that affect many private treaty sales.
 
With the addition of the online platform, REA now allow vendors to choose between selling their property through private treaty or online auction, or an amalgamation of both.

And crucially, because the Contract for Sale is made available online, purchasers and their solicitor can inspect the legal pack and any queries can be dealt with prior to the online auction.

“The typical private treaty route can take an average of six months from instruction to exchange of contracts because the system is not set up for speed,” said REA Chairman Eoin Dillon.

“However, with the REA Online Auction option, transparency and greater knowledge on all sides helps the sales process to be measured in weeks rather than months.

“The auction period can be as long or as short as is desired, ensuring full market exposure to an agreed timeline, and vendors with a house for sale by private treaty can switch to an auction option in order to secure a defined sale date.

“The Contract for Sale and other legal documents are uploaded by the vendor’s solicitor to the online auction platform allowing inspection by interested parties and their legal team.

“The agent uploads all the relevant property details to the online auction platform including the AMV, bid increments, deposit requirements and bidding duration.

“The fact that all legal queries are dealt with prior to the online auction gives buyers greater confidence in the bidding process and, more importantly, assists in bringing the sale to a successful conclusion.

“Bidders are required to provide a refundable Bidder Security Deposit of €5000 prior to the commencement of the online auction and the successful buyer pays the balance of the 10% deposit within a period of two days.

“In a normal private treaty situation, you could go sale agreed after 12 weeks, but by the time the engineers report is completed and the sales contracts issued and exchanged the process can take as long again.

“However, with an online auction, the process is instant, with bidders pre-authorising the REA agent to sign the sales contract on their behalf.

“Signed copies of the sales contract are sent to the both parties’ solicitors.”

The REA Online Auction platform can either handle individual sales or centrally managed portfolio sales.

REA is Ireland’s leading property group of Chartered Surveyors with 55 branches throughout the country, comprising some of the country’s longest established auctioneers and estate agents.

Ends

Monday, 26 March 2018

Q1 2018 - REA Average House Price Survey

The rate of increase in three-bed semi-detached home prices in Dublin slowed to just 0.5% in the first three months of the year the Q1 Irish Independent REA Average House Price Index has found.
After rising by 12.5% in 2017, the average price in the capital has increased by just €2,000 in the opening quarter and now stands at €440,000 – exactly twice the Central Bank’s €220,000 mortgage deposit threshold.
The rate of increase in three-bed semi-detached home prices in Dublin has now slowed to 2% over the past six months, compared to an increase of 4.5% in the opening three months of 2017.
And while there is both good demand and plenty of funded buyers in the market, REA agents are reporting that prices may have settled to a stable level of affordability.
While most REA agents in the capital reported that prices in Dublin’s postcode zones have been static in the first three months of the year, the only rises that were reported were in areas where prices were more affordable such Dublin 24 (+2% €260,000) and Lucan (+2% €352,000).
“The Dublin market has become quite price sensitive, even though we are seeing healthy demand and good liquidity with plenty of mortgage lending,” said REA spokesperson Barry McDonald.
“What we may be seeing, after the rapid increases of recent years, are the Central Bank mortgage lending restrictions imposing an upper level on purchasing power for some buyers.
“There has been a 3% reduction in cash buyers in the market, with mortgage approved house hunters now making up 74% of purchasers, increasing the effect of the Central Bank rules on the market.
“We are seeing strong demand across the board, and homes are reaching sale agreed in just four weeks in Dublin – which is good news for both buyers and vendors.
“Combined prices in Dublin city and county rose by just 0.7%, driven by increases in north county areas Skerries (+2.8% €365,000) and Balbriggan (+1.9% €265,000), with prices being seen as more affordable than the city.”
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 property market in towns and cities countrywide to the close of last week.
The average semi-detached house nationally now costs €229,111, the Q1 REA Average House Price Survey has found – a rise of 1.5% on the Q4 2017 figure of €225,806.
Overall, the average house price across the country rose by 9.1% over the past 12 months – indicating that the market is steadying after the 11.3% overall rise in 2017.
The commuter counties continued their recent steady growth with a 1.4% increase in Q1, with the average house now selling for €235,900 – a rise of €3,000 in the first three months of the year.
The country’s major cities outside Dublin recorded a combined Q1 rise of 2.1%, with an average three-bed semi costing €243,750.
Limerick City saw a 4.2% rise, with prices increasing from €192,000 to €2000,000 since December.
Average Q1 selling prices were also 2.9% higher in Galway City, where the typical semi-detached house is now fetching €265,000 and agents REA McGreal Burke reporting strong with ten buyers for every property on the market.
While Cork City registered a €5,000 (1.6%) increase in Q1 to bring levels to €315,000, prices remained static in Waterford City at €195,000.
“Agents in Cork City are returning their first quarter of growth in nine months – on a 3.3% annual increase – due to the difficulties that buyers find in breaching the gap between the deposit threshold and the €315,000 market value in the Leeside city,” said Mr McDonald.
“What Dublin can learn from Cork City’s experience is that there may come a point when the average price can represent a step too far over the €220,000 mortgage deposit limit.
“In Cork’s case, the area does not benefit from the higher wages available in the capital and the average house is taking twice as long to sell (10 weeks) than the national average.”
The highest increases were seen in the rest of the country’s towns, which experienced a 2.9% rise in Q1 to an average of €150,050.
The highest rate of increase in the country came in Cavan Town where prices rose by €10,000 or 12% in Q1.
“Our agent Peter Donohoe reports that prices are being driven by limited supply and competition between owner occupiers and buy to let investors in what is a rising rental market in the town,” said Mr McDonald.
“In Laois, we have seen rises of 6% in the opening quarter based on lack of supply and prices at €175,000 which are attracting the commuter market.
“In commuter counties such as Kildare, the biggest percentage rises are coming in towns such as Newbridge (2.3%) which recorded double the increase of Naas (1.1%) because at €225,000, property is nearer to the Central Bank’s deposit threshold.”

Tuesday, 13 March 2018

US buyers flock to REA New York Property Expo

American buyers’ interest in Irish property is growing very strongly, according to Real Estate Alliance who held their third US Property Show in New York last week.
The strength of the US market, which now forms over 22% of overseas enquiries for Irish property, was reflected in generating over 500 leads around the well-attended show.
“Increased wages in Ireland and the lure of better opportunities for returning emigrants has seen US property buyers flocking to secure homes and investment properties in Ireland,” said REA Chairman Eoin Dillon
“Many attendees were Irish people in their fifties who were enquiring about returning home due to the high price of education and health.
“We also met many young Irish people who were returning home to work, Irish families looking to return home and retirees looking to downsize.
“Enquiries from the US are now increasing hugely year-on-year, highlighting the return of emigrants who feel the time is right to come home.
“We also had a high number of enquiries from people interested in investment and holiday properties, and from siblings looking to group together to buy property in Ireland.”
This was the third successful US business trip for REA, who held an event in Boston last year, and is part of an overall plan to reach out to overseas buyers who represent an important market for Irish property.
“As part of our overall strategy to build up a network in the US, and engage with American purchasers, we also met with a number of buyer agents over the course of the week,” said Mr Dillon.
“During our time in New York, we met with many pre-registered buyers, buyer agents, investors, lawyers and Real Estate Investment Trusts (REITs).
“We expect many of those conversations to very quickly convert into sales, with a number of customers planning to talk further over the next two months and inspection trips already planned for specific properties.
“The average house price in the US in January, 2018 was $382,700 (€311,324), compared to our Average House Price survey national value of $277, 697 (€225,806) for quarter four, 2017, so there is obvious value for American buyers in Ireland.
“Education costs in America compared to Ireland were a constant topic in our conversations with potential buyers.
“As children grow towards college age, parents in the US may be facing costs of approximately $70,000 per year, with even secondary education costing a minimum of $15,000 per annum.”
Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.
To register to list with REA and be included in ongoing promotions to the US see www.realestatealliance.ie/NewYork2018

Ends
For further information: Eimer O'Keeffe, Marketing Manager, REA, 086 8249040, eimer@rea.ie

Media enquiries:
Darren Hughes, MediaConsult, darren@mediaconsult.ie, 086 293 7037



Picture enclosed:
Sample caption:
***NO REPRO FEE***
REA board members Eamonn Spratt, Anthony McGee, Eoin Dillon (Chairman), Darina Collins and Des O'Shea pictured at the Real Estate Alliance New York Property Show last week at the Fitzpatrick Hotel Grand Central.

Tuesday, 6 March 2018

Auction Results: 28th Feb 2018

REA O’Connor Murphy held their first Munster & Connacht Auction of 2018 on 28th February at the Limerick Strand Hotel with 80% of properties selling on the day. This auction offered a selection of residential and commercial properties and land throughout Munster & Connacht regions. While attendance numbers were down due to inclement weather conditions brought by storm Emma, this did not deter bidders and we had a large number of parties avail of our telephone bidding service.  There were multiple bidders on each of the properties with average prices exceeded 17% above the minimum Reserves, in particular there was considerable interest in one property, an end of terraced house with a commercial unit to the rear operating as a car facility situated in Woodquay, Galway that had a minimum reserve of €430,000 and sold for €550,000. 

Our next auction is taking place on 12th April and will include a mix of residential/commercial properties. For further information please visit www.reaoconnormurphy.ie or contact us
on 061 279300