Dundalk is leading the property revival in Co Louth, according to the ‘How Much Is Your House Worth? 2014 price survey’ in today’s Irish Independent.
The guide, which spoke to estate agents around the country, looked at how prices have evolved in the last year and predicts where they will be this time next year.
The report, which looked at Dundalk, Drogheda, Ardee and Dunleer, found that on the whole prices in the county remained unchanged last year but predicted they would grow by 5% in the next 12 months. This would appear to suggest that the market here has reached the bottom after a number of years of price decreases.
Assessing the situation was local estate agents Sherry FitzGerald Carroll, who said: “If confidence has returned to the market, it is concentrated in and around Dundalk.
“Sales remain far more sluggish throughout the hinterland towns such as Ardee and Dunleer.
“Family homes are in particular demand and although investors are active, people intent on living in a particular area will usually win out as investors will only be prepared to pay so much for a property. If they don’t get what they want, they simply move on to the next rental opportunity.
“Prices in Drogheda normally command an additional 5-10% due to its proximity to Dublin.
“A lot of would-be vendors continue to hold out for better prices and auctioneers say it is the resultant lack of supply rather than increased demand that is now driving up prices.
“There is also widespread belief more properties would emerge if banks were prepared to come to some arrangement on the large number of negative equities in the area and this, in turn, would entice more buyers.”
Looking ahead to this year, Sherry FitzGerald Carroll said: “2014 is not expected to alter significantly except in some pockets of the county and for certain house types by around 5%, although there is some evidence of upward movement.”
The prices for each property type according to the report is as follows:
2-bed apartment
- Jan 2013: €75,000
- Jan 2014: €75,000
- Jan 2015: €79,000
3-bed terrace
- Jan 2013: €80,000
- Jan 2014: €80,000
- Jan 2015: €84,000
Ex-corporation 3-bed
- Jan 2013: €80,000
- Jan 2014: €80,000
- Jan 2015: €84,000
3-bed semi in town
- Jan 2013: €140,000
- Jan 2014: €140,000
- Jan 2015: €147,000
3-bed semi out of town
- Jan 2013: €130,000
- Jan 2014: €130,000
- Jan 2015: €137,000
4-bed semi in town
- Jan 2013: €180,000
- Jan 2014: €180,000
- Jan 2015: €189,000
4-bed semi out of town
- Jan 2013: €160,000
- Jan 2014: €160,000
- Jan 2015: €168,000
4-bed detached
- Jan 2013: €200,000
- Jan 2014: €200,000
- Jan 2015: €210,000
5-bed detached
- Jan 2013: €230,000
- Jan 2014: €230,000
- Jan 2015: €242,000
3-bed bungalow in town
- Jan 2013: €175,000
- Jan 2014: €175,000
- Jan 2015: €184,000
3-bed bungalow out of town
- Jan 2013: €150,000
- Jan 2014: €150,000
- Jan 2015: €158,000
4-bed bungalow in town
- Jan 2013: €200,000
- Jan 2014: €200,000
- Jan 2015: €210,000
4-bed bungalow outside town
- Jan 2013: €180,000
- Jan 2014: €180,000
- Jan 2015: €189,000
Detached 2,000+ sq ft
- Jan 2013: €275,000
- Jan 2014: €275,000
- Jan 2015: €289,000
Source: Irish Independent
