Wednesday 7 December 2016

Limerick house prices - city

Published 14/05/2010 | 15:05

Limerick City homes have not experienced as sharp a fall in prices as those recorded in other locations. New apartment prices have fallen by around 40pc, while second-hand apartments have seen a more modest fall of 29pc for one- bedroom units and 36pc for two-bedroom apartments.

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The average price of new apartments in the city at peak of the market are likely to have been boosted by Section 23-type tax incentives.

Meanwhile, new townhouses and houses have dropped by between 30pc and 36pc, while second-hand units have fallen by between 28pc and 37pc.

The price paid for a new one-bedroom apartment at the peak of the market, €175,000 is now just short of the price of a new three-bedroom semi-detached. Meanwhile a second-hand four- bedroom detached house at €278,000 now is cheaper than the peak price of a second-hand three-bedroom semi-detached which then cost €296,000.

All Limerick city agents who responded reported an increase in sales activity in the first four months of this year, with one agent stating that the the market has reached a floor and people are now looking to buy in order to take advantage of the good value available.

Another agent agreed and added that buyers are returning to the market, albeit slowly.

On average it is taking 16 weeks to get a property sale agreed, although one agent reported selling four properties within one week of them coming onto the market and that sales can be achieved within three to four weeks, once the properties are priced at market value.

Examples of recent sales in the city include a three-bedroom semi-detached off O'Connell Avenue which sold for €210,000, a four-bedroom semi-detached on the main Ennis road sold for €315,000 and an end-of-terrace three-bedroom house in Rosbrien sold for €158,000.

Limerick city appears to have a relatively high level of stock available for sale, with the number of second-hand properties currently on the market accounting for approximately 4.1pc of the total housing stock, which is significantly above the national average of 3pc.

Added to this, almost all local agents reported more properties on the market now compared to the beginning of the year. That said, one local agent commented that Limerick is "very lucky in respect of ghost estates" and that there is a reasonable level of occupancy in all estates.

Search for houses to buy in Limerick City



New One-Bedroom Apartment

Current Price: €103,000

Peak Price: €175,000

Change: -41.1pc



Second-hand One-Bedroom Apartment

Current Price: €123,000

Peak Price: €173,000

Change: -28.9pc



New Two-Bedroom Apartment

Current Price: €130,000

Peak Price: €213,000

Change: -39.0pc



Second-hand Two-Bedroom Apartment

Current Price: €130,000

Peak Price: €202,000

Change: -35.6pc



New Two-Bedroom Townhouse

Current Price: €150,000

Peak Price: €233,000

Change: -35.6pc



Second-hand Two-Bedroom Townhouse

Current Price: €146,000

Peak Price: €233,000

Change: -37.3pc



New Three-Bedroom Townhouse

Current Price: €170,000

Peak Price: €258,000

Change: -34.1pc



Second-hand Three-Bedroom Townhouse

Current Price: €172,000

Peak Price: €254,000

Change: -32.3pc



New Three-Bedroom Semidetached

Current Price: €187,000

Peak Price: €283,000

Change: -33.9pc



Second-hand Three-Bedroom Semi-detached

Current Price: €203,000

Peak Price: €296,000

Change: -31.4pc



New Four-Bedroom Semidetached

Current Price: €226,000

Peak Price: €323,000

Change: -30.0pc



Second-hand Four-Bedroom Semi-detached

Current Price: €222,000

Peak Price: €310,000

Change: -28.4pc



New Four-Bedroom Detached

Current Price: €288,000

Peak Price: €445,000

Change: -35.3pc



Second-hand Four-Bedroom Detached

Current Price: €278,000

Peak Price: €430,000

Change: -35.3pc



New Five-Bedroom Detached

Current Price: €358,000

Peak Price: €533,000

Change: -32.8pc



Second-hand Five-Bedroom Detached

Current Price: €363,000

Peak Price: €535,000

Change: -32.1pc

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