Small rise expected in price of average three-bedroom semi in Donegal

The rise is expected to take place within the next year

Small rise expected in price of average three-bedroom semi in Donegal

The price of the average three-bed semi in County Donegal is expected to rise by 5% in the next 12 months, according to a survey carried out by Real Estate Alliance (REA).
Prices in the county remained stable at €95,000 in 2018.

Supply of houses has been hit

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 second-hand property market in towns and cities countrywide.

“This quarter was relatively quiet with a limited number of new properties listed,” said Paul McElhinney of REA McElhinney in Milford.
“The first-half of the year will be dictated by what happens in the UK. 
“The demand for properties is there, but the rise in prices has slowed.
“There are no new developments, and as a result the supply of properties to the market has been hit. 
“At some point, prices will have to rise to allow for development, but given the uncertainty in the general economy, this may not happen in 2019.”
The average semi-detached house nationally now costs €236,287, the Q4 REA Average House Price Survey has found – a rise of 0.6% on the Q3 2018 figure of €234,284.
Overall, the average house price across the country rose by 4.6% in 2018 – a decrease on the 5.4% recorded to September and indicating that the market is continuing to steady after an 11.3% overall rise in 2017.
Growth in the commuter counties also slowed to 0.38% in the last three months – an annual rise of 4.18% – with the average house now selling for €249,472.
This is an annual rise of €10,000 and growth of €2,000 in the last three months.

Rise in property prices outside Dublin
The country’s major cities outside Dublin recorded the biggest rise of the quarter at 1.25%, an annual increase of 5.81%, with an average three-bed semi costing €252,500.
The biggest urban rise was seen in Galway City, where selling prices rose by 2.7% in the quarter to €282,500 – a yearly increase of 9.7%.
The highest annual increases (7.7%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €10,000 in 2018 and which experienced a 0.85% rise in Q4 to an average of €157,717.
“In these areas, you largely have the perfect storm of affordability within the 10% deposit range, and no new homes as it is still uneconomical to build in many places,” said REA Spokesperson Barry McDonald.

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