Tuesday 17 September 2019

Monaghan: Back on its feet with low supply issue

Average price: €120,000
Areas: Monaghan Town, Castleblayney, Carrickmacross, Clones
Up: + 26%
One Year Forecast: + 17%
Assessing Agent: REA Gunne Property Carrickmacross

Monaghan's market hit the bottom in the early part of last year and finally, after being in the doldrums since 2007, began to bounce back in mid 2014.

Once rising prices were finally apparent to all, the bounce back for values was rapid, albeit from a low base. The market had shed 14pc of value in 2013.

No.12 Village Green, Glaslough, Co Monaghan a 3 bed house which sold last year, it had an asking price of €130,000 and the property was sold for €134,000
No.12 Village Green, Glaslough, Co Monaghan a 3 bed house which sold last year, it had an asking price of €130,000 and the property was sold for €134,000

Dermot Conlon of estate agents REA Gunne of Carrickmacross says the most common property type in the county is the three bed semi and this is what young people are now looking for in the big towns of Castleblayney, Carrickmacross and Monaghan Town.

"The problem we are facing now is that there is a shortage of semis and family type homes in the towns because we haven't built anything in the last seven years.

Monaghan
House Types201420152016
3-bed semi in town, €95,000 €120,000 €140,000
3-bed semi out of town, €90,000 €100,000 €115,000
4-bed semi in town, €125,000 €150,000 €160,000
4-bed semi out of town, €115,000 €130,000 €150,000
4-bed detached in town, €150,000 €180,000 €190,000
4-bed detached out of town, €160,000 €190,000 €200,000
5-bed detached in town, €220,000 €240,000 €280,000
5-bed detached out of town, €200,000 €220,000 €240,000
3-bed bungalow in town, €170,000 €180,000 €200,000
3-bed bungalow outside town, €130,000 €140,000 €160,000
4-bed bungalow in town, €180,000 €200,000 €220,000
4-bed bungalow outside town, €140,000 €160,000 €175,000
"Detached 2,000+ sq ft", €230,000 €250,000 €280,000
Holiday home, €70,000 €80,000 €90,000
2-bed apartment, €50,000 €60,000 €70,000
2 up/2 down, €80,000 €90,000 €95,000
3-bed terrace, €75,000 €90,000 €110,000
1-bed cottage, €60,000 €65,000 €70,000
2-bed cottage, €80,000 €95,000 €110,000
Ex-corporation 2-bed, €70,000 €80,000 €90,000
Ex-corporation 3-bed, €87,000 €95,000 €105,000

"On the other hand builders say that values will have to rise by at least 20pc before new builds become financially plausible again."

Mr Conlon reckons that it will take at least another year before this happens in Monaghan.

Good family homes within walking distance of the town centres in Carrickmacross and Monaghan Town.
Good family homes within walking distance of the town centres in Carrickmacross and Monaghan Town.

"More finance is available from lending institutions for first-time buyers continues to drive demand for family homes. but there are some worries over the new 20pc deposit requirement."

A year ago, cash accounted for half of enquires.

"We hear talk about people planning to return home from abroad but as far as property sales are concerned it hasn't happened yet. "

Mr Conlon says lifting prices might also help separating couples who have been forced to live together rather than sell the family home at an historically low price.

"We are aware that some properties have been withheld from market because of this."

Independent.ie Guide to House Prices in Ireland

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Irish Independent

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