Friday 20 September 2019

Offaly: Market on the up for first time since 2007

Average Price: €136,500
Areas: Birr, Edenderry, Portarlington, Tullamore, Kinnitty
Up: + 12%
One Year Forecast: + 10%
Assessing Agent: Property Partners Richard Cleary

In Offaly, agent Richard Cleary reports that the market has finally stabilised for the first time since 2007.

Prices are now increasing, despite the lack of credit available from lending institutions.

Hawthorn Lodge, Tullamore, Co Offaly, sold for €325,000 last year.
Hawthorn Lodge, Tullamore, Co Offaly, sold for €325,000 last year.

Cleary expects prices to continue to increase throughout the year ahead.

He anticipates particularly strong demand from first-time buyers.

Offaly
House Types201420152016
3-bed semi in town, €121,500 €136,500 €150,000
4-bed semi in town, €133,500 €146,500 €160,000
3-bed bungalow in town (outskirts), €185,000 €215,000 €235,000
3-bed bungalow outside town, €175,000 €200,000 €220,000
"Detached 2,000+ sq ft with land", €450,000 €400,000 €500,000
1-bed apartment, €27,500 €42,500 €52,500
2-bed apartment, €32,000 €55,000 €74,000
3-bed terrace, €99,000 €102,500 €117,500

Cleary is encouraged by the fact that for the first time in many years, developers are looking at purchasing land for development.

He also sees the buy-to-let market growing.

TULLAMORE: Apartments in the centre of Tullamore have almost doubled in value over the last 12 months and there continues to be strong demand for these.
TULLAMORE: Apartments in the centre of Tullamore have almost doubled in value over the last 12 months and there continues to be strong demand for these.

Particularly in relation to semi-detached homes - which investors perceive to be better value and less risky than apartments, because returns in the region of 8.5pc are more attractive than the paltry deposit rates on offer with the banks.

High management fees in apartment developments continue to deter some investors.

"I see the main threat to the stability of the market being a large influx to the market of repossessed houses at knockdown prices," says Cleary.

Prices for period homes on 5-10 acres have declined over the past year, but Cleary hopes that this downward trend will be reversed in 2015 and predicts a rise of 20pc in this segment.

Independent.ie Guide to House Prices in Ireland

We have surveyed estate agents in every corner of the country to bring you the most comprehensive guide to house prices in Ireland. Whatever type of home and area you are interested in, the details are just a click away using the links below. 

Irish Independent

Also in Business