Saturday 18 November 2017

Killarney market up but lacks supply

Racing in Killarney is a local attraction
Racing in Killarney is a local attraction
Mark Keenan

Mark Keenan

KERRY

Killarney

Up 1%

One Year Forecast: Up 3%

Average Price: €175,000

Assessing Agent: Sherry Fitzgerald Coghlan.

The Market:

The lack of supply in the town that launched 10,000 rooms is a constant refrain. Of the two new developments outstanding from the boom years, only a few remain following a receiver sale.

Local agent Michael Coghlan says stock is at a 12-year low and the market was up around 2% on 2012, having turned the corner last May. It remains 52% lower than at the top in 2006, however.

Even apartments appear to be in demand. They are selling at around a 75% discount, and as Killarney has a healthy residential market with strong yields, agents say there is plenty to tempt would-be investors.

While Coghlan sold only one property above €400,000 in 2012, in 2013 he sold seven.

Around 60% of purchasers are first-time buyers, 30% retirees and 10% investors.

He concedes the market is far from normal: cash sales account for almost 50% and Killarney certainly does not reflect a countywide trend that remains downwards.

A three-bed semi in the town priced at €185,000 would only fetch roughly half that much in Tralee and considerably less in other areas of the county.

The Prices:

2-bed apartment:

Jan 2013: €79,000

Jan 2014: €80,000

Jan 2015: €82,000

3-bed terrace:

Jan 2013: €123,000

Jan 2014: €125,000

Jan 2015: €128,000

2-bed cottage:

Jan 2013: €89,000

Jan 2014: €90,000

Jan 2015: €92,000

Ex-corporation 3-bed:

Jan 2013: €64,000

Jan 2014: €65,000

Jan 2015: €67,000

3-bed semi in town:

Jan 2013: €165,000

Jan 2014: €167,000

Jan 2015: €171,000

3-bed semi out of town:

Jan 2013: €104,000

Jan 2014: €105,000

Jan 2015: €108,000

4-bed semi in town:

Jan 2013: €176,000

Jan 2014: €178,000

Jan 2015: €182,000

4-bed semi out of town:

Jan 2013: €119,000

Jan 2014: €120,000

Jan 2015: €123,000

4-bed detached:

Jan 2013: €228,000

Jan 2014: €230,000

Jan 2015: €236,000

5-bed detached:

Jan 2013: €228,000

Jan 2014: €230,000

Jan 2015: €236,000

3-bed bungalow in town:

Jan 2013: €193,000

Jan 2014: €195,000

Jan 2015: €200,000

4-bed bungalow in town:

Jan 2013: €228,000

Jan 2014: €230,000

Jan 2015: €236,000

4-bed bungalow outside town:

Jan 2013: €168,000

Jan 2014: €170,000

Jan 2015: €174,000

Detached 2000+ sq ft:

Jan 2013: €248,000

Jan 2014: €250,000

Jan 2015: €256,000

Irish Independent

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