Tuesday 23 July 2019

Tipperary North: Nenagh's lure sees a 13pc rise in price

Whitfield House, Birdhill, Co Tipperary was sold by REA O'Connor Murphy for €335k in May
Whitfield House, Birdhill, Co Tipperary was sold by REA O'Connor Murphy for €335k in May

US payments processing company First Data is bringing much-needed employment to Tipperary after it was hit badly by the closure of Coty in 2017, when 250 people lost their jobs. First Data has opened a new research and development centre in Nenagh and is committed to bringing employment to the area.

Many of those who lost their jobs at Proctor and Gamble went on to work for Johnson and Johnson Vision Care in Limerick, which is only about 20 minutes away. These young workers have kept the property market in north Tipperary ticking over.

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The area has seen a rise of 13pc in property values over the past 12 months, with some property types going higher.

"Prices have gone up by 15pc on detached houses out of town," notes agent Eoin Dillion of REA Eoin Dillon, "because the cost of building your own house at this stage would just be too much. You could be talking about in the region of about €400,000. Whereas a second-hand four-bed detached is averaging at €260,000, or if you're after a bigger home with more space they will cost about €300,000."

There have been no new developments in north Tipperary. The only building going on is the finishing of ghost estates that haven't been touched in years.

First-time buyers were the most active buyers in the market last year, but Dillon notes that this end of the market is changing.

"First timers are now buying detached homes out in the country," says Dillon. "A few years ago, these would have only been bought by those trading up, but first-time buyers are now going straight for the forever home. The typical buyer is well into their 30s now. They have kids and are at a different stage to the average first timers a few years ago."

The semis and mid-terrace houses in the towns were mostly bought by eastern Europeans who've been living in Ireland for years and now have the savings and want to put down roots.

These are averaging at €167,000 for a three-bed semi or €155,000 for a three-bed terrace, up 10pc from last year's values.

Nenagh has been the busiest town in terms of sales because it's an easy commute to Limerick for those working there.

Dillon believes that Brexit is definitely having an impact on the market in north Tipperary.

"Sales were really busy up to April and then it dropped dramatically with the uncertainty and nervousness about what lies ahead," says Dillon. "Some people are too nervous while others are hoping it will push prices down and they're waiting for that.

"The good thing is that a few companies from the north have bought commercial yards around the area to have a base in the south, which will hopefully bring more employment to Tipperary."

Dillon predicts a slower rise in values next year in the region of 4pc.

Irish Independent

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