Tuesday 17 September 2019

Westmeath: First-time buyers make up half of sales

Average Price: €150,000
Areas: Athlone, Mullingar, Castlepollard, Kilbeggan, Moate
Up: + 15%
One Year Forecast: + 10%
Assessing Agent: Sherry FitzGerald Davitt

Properties in Athlone and Mullingar command a premium over other towns and have seen growth as high as 30pc in some property types during 2014.

Aidan Davitt says that the story in Westmeath - as in many other markets around the country - is one of strong demand and short supply, with prices being forced up as a result.

No. 1 The Beehives, Mullingar, Co. Westmeath. Asking price was €169,000 It sold for €180,000 in August, 2014.
No. 1 The Beehives, Mullingar, Co. Westmeath. Asking price was €169,000 It sold for €180,000 in August, 2014.

At the moment, Davitt says that buyers fall into three principal categories: a quarter are trading up, a quarter are investors, and as many as half are first-time buyers.

He thinks that bank finance has become easier to get than it was a year ago, but that purchasers "are still being made to jump through hoops" to secure it.

Westmeath
House Types201420152016
3-bed semi in town, €130,000 €150,000 €165,000
3-bed semi out of town, €110,000 €125,000 €137,500
4-bed semi in town, €150,000 €180,000 €198,000
4-bed detached in town, €217,000 €250,000 €275,000
4-bed detached out of town, €174,000 €200,000 €220,000
5-bed detached, €239,000 €275,000 €302,500
3-bed bungalow in town, €120,000 €150,000 €165,000
3-bed bungalow outside town, €100,000 €140,000 €154,000
4-bed bungalow in town, €160,000 €190,000 €209,000
4-bed bungalow outside town, €140,000 €170,000 €187,000
"Detached 2,000+ sq ft", €304,000 €350,000 €385,000
1-bed apartment, €45,000 €50,000 €55,000
2-bed apartment, €65,000 €80,000 €88,000
2 up/2 down, €60,000 €80,000 €88,000
3-bed terrace, €100,000 €125,000 €137,500
1-bed cottage, €60,000 €65,000 €71,500
2-bed cottage, €70,000 €80,000 €88,000
Ex-corporation 3-bed, €50,000 €60,000 €66,000

Many of Davitt's sales are to buyers who work in Dublin at firms like Hewlett Packard and Intel, and commute from Westmeath.

"These people have good jobs and can get to work in about half an hour.

MULLINGAR: Houses in the Lakepoint and Pettits Wood estates are very much in demand from the people who work for Intel and Hewlett Packard.
MULLINGAR: Houses in the Lakepoint and Pettits Wood estates are very much in demand from the people who work for Intel and Hewlett Packard.

"The houses are far better value than they would be in Dublin."

In 2015, Davitt's major hope is for more supply to meet demand.

"The reality in provincial towns is still that if a builder is going to start to build houses from the ground up he is only going to break even.

"That doesn't make it very attractive."

The Coill Rua estate at Mullingar - which was auctioned in March 2014 as an unfinished ghost estate with some partially completed units - released a number of completed houses in 2014 and they sold well to commuters.

Davitt hopes that more houses will come out of the development in 2015.

Davitt doesn't see prices increasing this year to the extent that they did in 2014. "It's not going to be as dramatic or as pronounced, but I still reckon we should see about 10pc."

 

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