HOUSING PRICE SPIKE DOUBLE DUBLIN’S RATE
Properties to increase by 7.7%
HOUSE prices outside the capital are tipped to rise at more than double the rate of Dublin properties this year, a new report out today shows.
Prospective homebuyers eyeing a three-bed semi-detached in the least expensive areas of the country could end up forking out less than one TENTH of what it would cost in the most expensive areas.
Estate agents are predicting the cost of an average house across the other 25 counties in the Republic to rise by as much as 7.7%, The Sunday Times 2019 property price guide finds.
In Dublin, however, the same report is tipping prices to go up by just 3.8 % over the coming year.
The guide suggests for a three-bedroom semi detached house, the best value for money can be found in Mohill, Co Leitrim, where it costs on average €90,000.
That’s less than 10% of the price of a similar home in leafy Dublin 4 – where the latest Institute of Professional Auctioneers and Valuers report valued the average threebedroom semi-detached at €967,000 in the last quarter of 2018. That same report put the value of the average semi-detached three-bed in South County Dublin at €506,000, while a similar home in North County Dublin was priced at around €440,000. After Mohill, the next most affordable places are Edgeworthstown in Co Longford and Ballymote in Co Sligo, where three-bed semis are going for between €90,000 and €100,000, according to the guide.
The report also found that prospective home buyers’ fears surrounding a “no-deal” Brexit at the end of March was a cause for concern.
However, the guide also noted estate agents remained hopeful a good EU-UK divorce deal could restore confidence to the market in the months ahead.
WHEN house prices outside Dublin start to rise at more than double the rate of those in the capital you know it’s time to start worrying.
The notion of frantic buyers committing to lengthy commutes to work and paying inflated prices for rural homes has a terrifyingly familiar ring to it.
Brexit uncertainties aside, the property market has been heating up for some time now with warnings of a second Celtic Tiger bubble.
Of course the problem with all bubbles is that they eventually burst.
We need to build affordable homes before the bubble bursts or we’re in real trouble.