Thursday 23 November 2017

Lack of stock means pent-up demand drives prices in tourist magnet

Amanda Shires from Texas pictured on the roof of Kilkenny Castle. Picture: Dylan Vaughan.
Amanda Shires from Texas pictured on the roof of Kilkenny Castle. Picture: Dylan Vaughan.
Mark Keenan

Mark Keenan

KILKENNY

Kilkenny City, Thomastown, Callan, New Ross.

Down 2%

One Year Forecast: Up 2%

Average Price: €145,000

Assessing Agent: Sherry Fitzgerald McCreery, Kilkenny City

The Market:

Lack of stock is a common complaint in the Marble City – there simply aren't enough properties to meet demand for quality homes. There is very little in new stock and, as such, a pent up demand exists.

Similar to Dublin, there is interest in three and four- bedroom houses in particular but investors are also piling in to the apartment market in Kilkenny City, either as buy-to-let properties or weekend boltholes.

There is some increase in price in 2014 but by no means to any great extent. Indeed, agents are wary of sticking their necks out on this as so much depends on credit availability.

Only an hour from Dublin, Kilkenny is a tourist magnet and there is very little overhang from the boom years. Like many places, there is a preponderance of cash buyers.

As estate agent Peter McCreery wryly noted: "It can be difficult to get a mortgage and so we treat the cash buyer with extreme care: the words 'subject to loan approval' are not those an auctioneer likes to hear."

The Prices*:

2-bed apartment:

Jan 2013: €76,000

Jan 2014: €75,000

Jan 2015: €76,000

2-bed terrace:

Jan 2013: €87,000

Jan 2014: €85,000

Jan 2015: €87,000

3-bed terrace:

Jan 2013: €115,000

Jan 2014: €110,000

Jan 2015: €112,000

2-bed cottage:

Jan 2013: €100,000

Jan 2014: €95,000

Jan 2015: €97,000

Ex-corporation 3-bed:

Jan 2013: €105,000

Jan 2014: €100,000

Jan 2015: €102,000

3-bed semi in town:

Jan 2013: €115,000

Jan 2014: €115,000

Jan 2015: €117,000

3-bed semi out of town:

Jan 2013: €90,000

Jan 2014: €90,000

Jan 2015: €92,000

4-bed semi in town:

Jan 2013: €180,000

Jan 2014: €170,000

Jan 2015: €173,000

4-bed semi out of town:

Jan 2013: €128,000

Jan 2014: €125,000

Jan 2015: €127,000

4-bed detached:

Jan 2013: €250,000

Jan 2014: €250,000

Jan 2015: €255,000

5-bed detached:

Jan 2013: €325,000

Jan 2014: €320,000

Jan 2015: €326,000

3-bed bungalow in town:

Jan 2013: €130,000

Jan 2014: €125,000

Jan 2015: €127,000

3-bed bungalow outside town:

Jan 2013: €130,000

Jan 2014: €130,000

Jan 2015: €132,000

4-bed bungalow in town:

Jan 2013: €225,000

Jan 2014: €220,000

Jan 2015: €224,000

4-bed bungalow outside town:

Jan 2013: €200,000

Jan 2014: €200,000

Jan 2015: €204,000

Detached 2,000+ sq ft:

Jan 2013: €370,000

Jan 2014: €360,000

Jan 2015: €367,000

*Although prices are slightly down on last year, this is dependent on house type, with more sought-after homes maintaining better value.

Irish Independent

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