PROPERTY prices across Co Kildare rose by an average of €10,000 in the last year, according to the most recent property report from MyHome.ie.
The report – which focuses on Q4 2018 and was published in association with Davy – has revealed that the median asking price for a property in the county is now €250,000, not far off average prices of €260,000 at the beginning of 2011. While there was no change from the previous three months, it’s a 4.2% increase on Q4 2017 (€240,000).
A three-bed semi-detached house in the count will cost about €220,000 at present, the report outlines, with a four-bed semi-detached commanding an average asking price of €285,000.
“Prices for this house type are now at their highest level in eight years since they stood at €288,000 in Q3 2010,” the report noted. “The number of properties for sale in Kildare on MyHome.ie fell 2.9% in the last quarter but was up 9.5% on this time last year. The average time to go sale agreed on a property in the county now stands [at] three months.”
Figures contained in the latest House Price Report released by Daft.ie paint a somewhat bleaker picture for potential homeowners. According to the property website, prices in Kildare in the final quarter of 2018 were 5% higher than a year before. The average house price is now at €262,000 they say, 67% above its lowest point.
The Daft report reveals that a two-bed terraced house will set buyers back around €150,000, with an average asking price of €201,000 for a three-bed semi-detached and €406,000 for a five-bed detached home. A one-bed apartment will cost around €113,000.
On a national level, house prices are expected to increase by about 5% this year. Once the uncertainty surrounding Brexit is resolved, rising incomes and ‘robust’ demand are expected to push prices higher, the MyHome.ie report outlines.
While economists have said that housing supply is picking up – albeit still short of demand – there are some concerns. Ronan Lyons, an economist at Trinity College Dublin who authored the report for Daft.ie, has said that while construction activity has improved over the last 12 months it’s dominated by three and four bedroom family homes in estates, built for owner-occupiers rather than renters. What we need, he believes, are homes for one or two-person households – apartments.
Greater housing supply should relieve price pressures and increase the bargaining power of buyers in Kildare, but it’s a different story for renters.
“Unfortunately, no such relief is coming down the tracks in the rental segment – or indeed the third main component of the housing system, social housing,” Mr Lyons commented. “In both of those segments, the system needs to increase at least by a factor of ten. That won’t happen on its own and thus it is those two segments where policymakers need to focus now.