The typical Kerry stock home has hit an average price of €300,000 after prices rose again between July and September, a Real Estate Alliance (REA) survey has found.
House prices in Kerry are among the dearest in the country according to the research, with Dublin city and county; Cork city; Galway city; and Wicklow the only regions where higher prices were recorded.
The rate of growth has cooled, however, increasing by 0.8 per cent in Kerry over the three-month period, a very small jump relative to recent surveys and borne out in figures elsewhere in the country. House-price inflation has halved nationally over the three months, with prices averaging over €290,000, a 1.4-per-cent quarterly increase.
The research findings, as far as growth is concerned, largely tie in with the Daft.ie quarterly report released last week. This survey found a 0.7-per-cent increase in prices across all sales in Kerry.
Prices in Killarney have remained stable according to REA, averaging out at €360,000, and the average time taken to sell has also remained as it was at six weeks. Three-bed semi prices in Tralee rose by 2.1 per cent to €240,000, with the time taken to sell falling by one week to five.
When he spoke to The Kerryman following the release of the Daft.ie report last week, REA Coyne and Culloty’s Donal Culloty cautioned against assuming a cooling in price growth is a sign of long-term price drops in Kerry.
“The only thing you could say at the moment is that cost of living and inflation are having an effect...the cost of building has increased massively, and all those new developments that were going to start are being held off on at the moment,” Mr Culloty said.
“Some people are adopting a ‘wait-and-see’ approach; whether that’s the right thing or wrong thing to do, I don’t know. Overall, there seems to be no or very few new developments coming on in Kerry. In Killarney, there’s nothing planned, and you saw the development on Port Road that went to An Bord Pleanála and was shot down.
“It's hard to judge at this stage. There seems to be more second-hand houses coming on the market. But, as I say, the problem still in Kerry is that there is very little of new housing development. Until the supply side is sorted, you’re not going to see a major, major change…we need them [developments] for young buyers and rentals. Rentals are very hard to get.”