The price of an average three bedroom semi detached house in Meath has risen by 28.33% in the past year, with a 2.39% increase in the first three months of 2015 to €192,500, according to a national survey carried out by Real Estate Alliance.
The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.
It now takes six weeks to sell the average house in Ashbourne and Navan, compared to five weeks in Kells and four in Trim.
A series of micro markets is opening up in Meath where Trim (12.9%) has shown a massive rise of €20,000 in the past three months to and average of €175,000, while prices in Ashbourne have fallen slightly (-0.71% or €2,000) in Q1 to €280,000.
Ashbourne had previously shown growth in the early part of 2014, while Trim is now firmly in the focus of a new wave of commuters and showing its first significant rise.
The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.
However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.
“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.
“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.
“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“
And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.
In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.
Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).
In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.
Available for interview:
Paul Grimes, REA Grimes, Ashbourne, 087 2556945
Cara Gavigan, REA T & J Gavigan, Kells, 086 2454707
Michael Gavigan, REA T&J Gavigan, Navan, 086 2560530
Thomas Potterton, REA Potterton, Trim, 086 2569344
Philip Farrell, CEO Real Estate Alliance
086 250 3515 / email@example.com
For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / firstname.lastname@example.org
Darren Hughes, MediaConsult 086 2937037 / email@example.com