Thursday 14 November 2019

Wicklow South: Modern houses are selling 'like hot cakes' to young couples

Average price: €140,000
Areas: Wicklow Town, Arklow, Aughrim, Rathnew, Carnew, Shillelagh, Tinahely, Baltinglass
Up: + 20%
One Year Forecast: + 10%
Assessing Agent: Sherry FitzGerald Myles Doyle

The market in Wicklow South has increased by an average of 20pc says Breda Bermingham of Sherry FitzGerald Myles Doyle.

"The increases have been off an exceptionally low base.

Property at Barniskey, Avoca which was sold in 2014 for €290,000. This house was on the market by private treaty with an asking price of €310,000.
Property at Barniskey, Avoca which was sold in 2014 for €290,000. This house was on the market by private treaty with an asking price of €310,000.

"All categories of property are still underpriced," she says and therefore it is still not feasible for developers to embark on new projects owing to the lack of profit involved.

"The cost of building is more than the insurance valuation. My hope for 2015 is that there will be some new developments as values rise to make it feasible."

Wicklow South
House Types201420152016
3-bed semi in town, €112,000 €140,000 €154,000
4-bed semi in town, €150,000 €170,000 €187,000
4-bed detached, €165,000 €185,000 €203,500
5-bed detached, €192,000 €230,000 €253,000
3-bed bungalow in town, €142,000 €170,000 €187,000
3-bed bungalow outside town, €170,000 €205,000 €225,500
4-bed Bungalow in town, €158,000 €190,000 €209,000
4-bed bungalow outside town, €210,000 €230,000 €253,000
"Detached 2,000+ sq ft", €225,000 €270,000 €297,000
Holiday home, €130,000 €140,000 €154,000
2-bed apartment, €80,000 €90,000 €99,000
2 up/2 down, €85,000 €95,000 €104,500
3-bed terrace, €90,000 €110,000 €121,000
Ex-corporation 3 bed, €70,000 €90,000 €99,000

As elsewhere, the end of 2014 was a busy time for Bermingham, with sales driven by the expiration of the CGT relief.

"People who are not natural landlords came into the market, and the demand for suitable properties coupled with a scarcity of supply skewed prices somewhat."

SEAFRONT ESTATES IN ARKLOW: Cluainard on the Sea Road, and Knockmore on the Wexford Rd are sought after by family buyers. The Pines on the Sea Road is a bungalow-only development that's also closely watched.
SEAFRONT ESTATES IN ARKLOW: Cluainard on the Sea Road, and Knockmore on the Wexford Rd are sought after by family buyers. The Pines on the Sea Road is a bungalow-only development that's also closely watched.

Wicklow South has escaped the scourge of ghost estates, and Bermingham says that stock is of good quality, with estates built during the boom having no residual issues in terms of roads or services.

Prices are higher in smaller developments where the houses are primarily owner-occupied, and a little lower in larger estates with a number of buy-to-let units.

"In 2014, people who had been sitting on the fence finally came into the market, and improvements only started this year.

"During the boom, new entrants to the market here bought because of affordability, whereas now many of our sales are to owner-occupiers living locally. Country bungalows are rare to market and therefore more expensive than their town based counterparts.

"A percentage of buyers are commuters who choose the area for quality of life. The daily return journey set to improve significantly when the last stretch of the N11 opens. "For someone on flexi-time, the commute is a doddle," she adds.

Bermingham says that during 2014, only 20pc of her buyers were cash toting, with the balance mainly first-time buyers using bank finance seeking 3 and 4-bed semis on good modern estates.

"There was a bit of a splurge in the last couple of months. The young couples won't look at apartments or ex-corporation houses. They want double-glazing, gas heating and en suite bathrooms. The modern houses sell like hot cakes."

Independent.ie Guide to House Prices in Ireland

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