The latest reports indicate that house prices in Ireland rose by 14% overall during the past year. In Dublin asking prices for houses rose by 25%, but we have decided to take a look at some of the bargain buys in counties where the asking prices for houses actually dropped.
On average the asking price for a home in Ireland, according to Daft.ie’s latest report, is $246,000(€195,000) as compared to $214,600 (€170,000) a year ago or $479,800 (€380,000) at the peak of the boom around 2006.
However, this is not so in counties Donegal, Cavan, Mayo and Limerick, including Limerick City. Prices have actually fallen in these areas.
Check out these bargains:
Location: 27 Cooper's Crest, Milford, Co. Donegal
Price: $25,200 (€20,000)
What: Semi-detached, three-bedroom house with two bathrooms
- In need of internal re-fit, good external structural repair
- PVC double glazed windows
- Oil-fired central heating
Location: 5 Park House, The Square, Claremorris, Co. Mayo
Price: $27,700 (€22,000)
What: One-bedroom apartment with one bathroom
- Located behind The Square in Claremorris town, close to the business center and a short walk to local conveniences
- Converted about 10 years ago
- Overlooking car park
Location: 13 Round House, High Street, Limerick city, Co. Limerick
Price: $31,500 (€25,000)
What: Two-bedroom apartment with one bathroom
- First floor apartment in central location
- Comprising of entrance hall, living / dining area, kitchen, and shower room
Location: Main Street, Caherconlish, Co. Limerick
Price: $37,800 (€30,000)
What: Two-bedroom terraced house with one bathroom
- Comprised of entrance hall, kitchen, two bedrooms, large rear garden
Location: Railway Road, Belturbet, Co. Cavan
Price: $36,600 (€29,000)
What: Semi-detached two-bedroom house with one bathroom
- Stone-faced dwelling with large rear garden
- Located in the town center
- Recently upgraded kitchen, living rooms, two bedrooms and bathroom
But now back to the real stuff:
According to Daft’s latest report the average asking price for a house in Ireland has risen by 14% over the past year, led by an average rise of 25% in Dublin.
Prices in Dublin have experienced annual rises of between 18% in North County Dublin and 29% in Dublin's city center. There were also significant double digit increases recorded in all of Dublin’s surrounding counties; Louth 14%, Meath 15%, Kildare 19% and Wicklow 20%.
The cities of Cork and Galway saw prices rise 11% and 13% respectively over the course of the year, while prices in Waterford city center experienced a 3% climb. Limerick city's asking prices continued to fall over the same period, declining by 4%.
The report also surveys the sentiment and expectation of over 1,000 potential home buyers across the country, with respondents in Dublin stating that they expected prices to continue rising over the next 12 months by an average of 12%. This is the largest expected price rise recorded since the survey began in 2011. Outside of Dublin, respondents' expectations have also heated up, with prices expected to rise by an average of 6%.
Commenting on the report, Daft.ie economist Ronan Lyons said, "The total number of properties on the market on October 1 was just over 30,000, the lowest figure since March 2007. Across Leinster, and in Dublin in particular, supply shortages remain and this has helped push up values by a third in Dublin in just two years. The concern is that this supply shortage is now feeding into expectations. While price rises driven by shortages can be stopped by increasing supply, tackling price rises driven by expectations is significantly trickier."