Last January, the estimated average growth in valuations over the year was 8%. Our calculations now show that the actual figure for the past 12 months was 9.5%.
So, after this period of sustained growth, how much is your home worth? How much has it increased in value through the year and how much do the experts believe it could be worth a year from now? The answers are here at your fingertips, in The Sunday Times Price Guide 2006, the most comprehensive property price survey available in Ireland.
After gathering the opinions of more than 70 estate agents, we follow the fortunes of more than 25 different property types in more than 50 local markets. Whether you own a one-bedroom apartment in Dublin 1 or a four-bed bungalow in Co Sligo, we’ll tell you how much it’s worth today, what it was worth this time last year and reveal a local expert’s predictions on its fortunes for 2007.
The mean-price averages calculated for new and second-hand homes show that north Wicklow, Dublin and Meath are Ireland’s most expensive locations to buy. The cheapest homes are to be found in Donegal, Carlow and rural Limerick.
Growth across the counties varied between 3% and 30%. Projected increases for the coming year ranged from 5% to 15%, with an expected average of 8.4%.
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A combination of factors helped to send prices skywards, not least the inflationary fallout from the abolition late last year of stamp duty for homes of less than €317,500. This had a particular impact on second-hand starter homes.
In Dublin, it was the year of the three-bed semi. As developers continued to churn out mostly high-density apartment developments, the staple family home has now become a scarce commodity. Tight supply pushed prices way beyond last year’s expectations.
In the regional towns, the influx from abroad and from larger cities has been steadily increasing population levels. In some cases, like that of Killarney, restricted planning means that land and homes are in tighter supply — and again prices have been pushed up. Ennis, Mallow and Newcastle West were among the towns to see significant population growth.
Financing a home has never been easier with the birth of the new 100% mortgage. With the need for a deposit now eliminated, more buyers than ever can go home-hunting.
Increasing rents led to investors pushing into areas not previously associated with buy-to-let. Dublin 10 and 24 are examples.
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The continued improvement in transport infrastructure nationwide has opened up new markets for commuters. Bypasses, rail links, motorway extensions and the first stages of the government’s Transport 21 plan have all reduced travel times between population centres.
While all markets had price increases, some performed more strongly than others. In parts of Dublin, price increases were more than double the national average.
Dublin 3, particularly Clontarf, saw prices surge as upmarket buyers launched into heady bidding wars for an ever tighter supply of dwindling period properties. Some properties increased their value by as much as one quarter as a result. The same phenomenon applied in Dublin 11.
In Dublin 12, with its stock of affordable, three-bed semis, prices also went up 25%, as young couples fought to secure a family home amid shrinking availability.
Four- and five-bed homes in Dublin were even rarer than semis and, again, scarcity drove prices up. Developers have now turned the wrecking ball on existing larger homes to provide new sites for higher-density schemes.
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Countrywide, the weakest performing markets were once again on the western seaboard. Donegal and Mayo registered small increases that barely kept in line with inflation, but outside the popular spots these markets remained noticeably flat. Regional unemployment issues played a role in the case of Mayo.
Rural renewal schemes in Co Longford and Co Roscommon have helped drive their property markets. Buyers in small towns and villages are benefiting from the introduction of small cluster developments into their areas — these prove more cost-effective than one-off housing and are priced accordingly.
The four-bedroom semi and the detached house are the real success stories in the regional capitals, with one agent in Cork saying that house prices have been increasing month on month, as opposed to year on year.
As you browse, it is important to remember that our survey is opinion- based, and is not a scientific study.
Our figures are average guidelines provided by the auctioneers. Certain properties or locations will inevitably attract higher or lower prices than the averages listed. The condition of any given property must also be taken into consideration.
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In our survey, each market is given its own comprehensive synopsis, as well as a table representing the property types most common in that area.
Where average market prices are listed, they have been calculated as a mean value of the most common property types in the area.