Friday 15 November 2019

Kildare South: Rising Dublin prices have a knock-on effect

Average Price: €320,000
Areas: Naas, Newbridge, Kildare Town, Curragh
Up: + 45%
One Year Forecast: + 15%
Assessing Agent: Colm McEvoy Auctioneers

There has been very strong growth in the commuter belt towns of Kildare South, such as Naas and Newbridge, but that further south in the county there has been little in the way of recovery.

According to Enda Smith of Colm McEvoy Auctioneers, the market in towns such as Athy and Monasterevin remains stagnant at best, with prices far lower than in locations popular with commuters.

Holly Lodge in Newbridge was sold for €675,000
Holly Lodge in Newbridge was sold for €675,000

"There is no market to speak of in those areas," says Smith. "Beyond the commuter towns, there is a chasm."

The price of an average four-bed semi in a commuter town (the mostcommon property in this market) rose by a strident 45pc in the last twelve months.

Kildare South
House Types201420152016
3-bed semi in town, €180,000 €250,000 €287,500
4-bed semi in town, €220,000 €320,000 €368,000
4-bed detached, €275,000 €360,000 €414,000
5-bed detached, €325,000 €400,000 €460,000
4-bed BUNGALOW IN TOWN, €350,000 €425,000 €489,000
4-bed BUNGALOW OUTSIDE TOWN, €325,000 €400,000 €460,000
"Detached 2,000+ SQ FT", €340,000 €425,000 €489,000
1-BED APARTMENT, €75,000 €110,000 €126,500
2-BED APARTMENT, €100,000 €150,000 €172,500
2 UP/2 DOWN, €125,000 €180,000 €207,000
3-BED TERRACE, €180,000 €230,000 €264,500
EX-CORPORATION 2-BED, €110,000 €160,000 €184,000
EX-CORPORATION 3-BED, €140,000 €190,000 €218,500

These are the houses that are most in demand in Kildare South. Smith estimates that prices for other types between 30pc and 35pc.

"The over-correction in price falls here has been recorrected rapidly," says Smith, "and we are now approaching reasonable market values."

NAAS: Family houses within easy reach of the new Kerry Group HQ in Millennium Park, Naas, which has created 1,000 jobs to come on stream over the next year.
NAAS: Family houses within easy reach of the new Kerry Group HQ in Millennium Park, Naas, which has created 1,000 jobs to come on stream over the next year.

To the end of 2014, sales of apartments were mainly driven by the expiration of Capital Gains Tax relief, and Smith says he also saw a lot of pension money being ploughed into apartments.

Predicting growth of 15pc during 2015, Smith says the market "is like an iceberg melting from the inside out.

As the prices in Dublin rise, the impact spreads out to the towns of County Dublin".

"And as those prices rise, then so do those on the periphery such as Naas and Newbridge," said Smith.

"If this continues, there is hope for the smaller towns in Kildare. Because there is so little construction, buyers are going to have to go further afield to find something."

The only impediment to further growth, says Smith, is the proposed 20pc deposit requirement, which will have a serious impact on first-time buyers if introduced.

"Rents have gone up by 30pc over the past year, which makes it even harder to save," he says.

Independent.ie Guide to House Prices in Ireland

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