The price of the average three-bed semi in Kildare is expected to rise by 4% in the next 12 months, according to a survey by Real Estate Alliance (REA).
Prices in the county increased by €5,000 between September and December, a rise of almost 2%, the Q4 REA Average House Price Index shows. Three-bed semi-detached homes in the county now cost an average of €290,000, up approximately 3% on the December 2019 average of €282,000.
And as demand outstrips supply, they are selling two weeks quicker, taking seven weeks to sell in September but falling to five weeks by the end of Q4 2020.
“We are seeing strong demand, limited supply, and a slight increase in prices, and properties are taking less time to go sale agreed,” said Brian Farrell of REA Brophy Farrell in Naas, Newbridge, Maynooth and Celbridge. “Demand for higher-end property is slow but there is strong demand for new homes.”
The price of a three-bed semi-detached house in Newbridge increased, on average by 2% in the last three months of the year, from €240,000 to €245,000. In Naas, demand also drove a €5,000 increase in the average price in Q4 to €290,000.
Prices rose in Maynooth by 1.6% to €315,000 while Celbridge selling prices increased by €5,000 to €310,000 in the last three months of the year.
Time to sell in all of the Kildare towns dropped from seven weeks last September to five weeks by the end of Q4 2020.
The REA Average House Price Survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.
Nationally, average house prices rose by almost 1.5% over the past three months in a market fuelled by a combination of record mortgage approvals and an unprecedented lack of supply, the Q4 REA Average House Price Index found. The price of a three-bedroomed semi-detached house across the country rose by more than €3,000 over the past three months to €239,194 – an annual increase of 1.9%.
The biggest rises in Q4 came in Ireland’s secondary cities and the commuter counties – both of whom had experienced the least movement in prices over the preceding 18 months.
The price of a three-bedroomed semi-detached house in Dublin city rose by 0.6% to €431,833 during the past three months, an annual increase of 1.41%. Cork, Limerick, Galway and Waterford cities shared a combined increase of 2.4% in the past 12 weeks with prices rising by €6,000 to an average of €262,500.
Commuter counties are now feeling the benefit of the migration towards space and home working potential, with three bed semis rising 2.2% by almost €6,000 on the Q3 figure to an average of €253,111.
Reflecting the flight to rural locations, prices in the rest of the country’s towns rose by 1.2% in 12 weeks to €165,397.