Monday 20 May 2019

Average house price in Fingal stands at €320k

House prices rose by 9.4 per cent in the past year in Fingal
House prices rose by 9.4 per cent in the past year in Fingal

The price of the average three-bed semi in north county Dublin rose by 1.6% in the first three months of the year, according to the latest national survey carried out by Real Estate Alliance.

North County prices rose by 9.4% in the past year and now stand at €320,000, the Q2 REA Average House Price Index has found.

The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide to the close of last week.

John Cumisky of REA Cumisky reports that selling prices for three-bed semis in Balbriggan have risen by 1.9% in Q2 and now stand at €270,000, with average selling times moving from six to eight weeks.

Paul Grimes of REA Grimes sees good activity in the north county, but more properties coming to market, which is leading to slightly longer average selling times of 10 weeks.

'We have recorded increases of 1.4% in Skerries (€370,000) with property being seen as more affordable than the city,' said Mr Grimes.

The increase in supply of new homes in Dublin and commuter counties is having an effect on second-hand prices in some areas, the survey found.

The rate of increase in second-hand three-bed semi-detached home prices in Dublin city and county was just 0.8% in the last three months, with prices falling slightly in one suburb.

After rising by 12.5% in 2017, the average price of a second-hand semi-detached house in the capital has increased by just €5,000 so far this year and now stands at €443,000.

'Wherever we have new homes on the market, they are definitely having an effect on prices in the existing market as they operate in their own price structure, with buyers prepared to pay a premium for A-rated properties,' said REA spokesperson Barry McDonald.

'As a result, many of our agents in Dublin and suburban counties such as Meath have reported an increase in time taken to sell the average second-hand property and a slowdown in viewings, especially among first time buyers.

'As agents, our big challenge is to get vendors to accept the reality of the situation on the ground where sellers are not achieving the sort of inflated asking prices that they may expect for properties.

Fingal Independent