Values for biggest homes surge 13pc in south Wicklow towns
Wicklow town, Arklow, Aughrim, Rathnew, Rathdrum, Carnew, Avoca Change: s 5 %
One-year forecast: s 2 % Assessing agent: Sherry FitzGerald Catherine O’Reilly
In the south of Ireland’s garden county, property growth has been uneven.
Overall inflation is hitting 5pc year-on-year, but local estate agent Catherine O’Reilly says it very much depends on what you are selling.
“The main challenge here has been interest rates, and they really spooked buyers in the first eight months last year and ultimately made their purchase more complicated,” she says.
Three- and four-bed semis in the second-hand market are showing growth in the region of 3pc or 4pc since January 2023. Supply has been reasonable for these.
However, other types of properties are experiencing higher inflation, particularly if they offer some difference. Larger houses, as a rule, are performing much better.
Detached homes of more than 2,000sq ft have seen significant gains, according to O’Reilly, as most growth in the market is being driven by those trading up and properties are currently changing hands for an average of €850,000, up a massive €100,000 and 13pc on last year’s €750,000.
Four-bed bungalows are selling in the region of €475,000 close to town and €495,000 in a more rural setting, up from €460,000 and €480,000 respectively.
In complete contrast, the holiday-home market is doing poorly, due to a drop in consumer confidence for discretionary purchases, O’Reilly says.
“Demand here is driven always by affordability and proximity to Dublin. There are many new-home developments to choose from and the reputation of the area as a safe, friendly place to settle and bring up a family has always driven demand and this still holds.”
While she expects activity to recover somewhat here, there will probably be a softening of values as sellers are keen to offload.
The average price of a holiday home across the market is currently in the region of €425,000, but the agent would expect this to drop to about €395,000 in the coming 12 months, with huge variation across location, size and condition.
Across the board, condition is becoming paramount, as younger buyers are less willing to spend big on extensive renovations.
Properties which required no work, or those that offered a view or a big garden were most in demand.
Three-bed semis are currently trading for on average €410,000 across south Co Wicklow, €15,000 up on this time last year. Four-bed semis are changing hands for in the region of €440,000 on average.
O’Reilly says interest rates are key to 2024, whether they hold or start to fall again and when pushed to make a prediction, she forecasts 2pc for the year ahead.