With the sun shining, inbox pinging and phone lines ringing, it does not feel like we are only into our third week of 2020. The team here at Kinsella Estates are experiencing a busy and vibrant start to the property year with plenty of activity amongst both buyers and sellers across the South East.
As we enter into a new year, and indeed a new decade, now is a good time to take stock of the residential property market locally and map out projections for 2020.
According to the Irish Independent property price report published last week, prices across Wexford county are forecast to stabilise and “remain static” for the next year. This follows 12 months of moderate growth. Average house prices in County Wexford increased by 5 percent since January 2019 and this growth was driven mainly by an increase in new rural housing. In Gorey, this growth figure was closer to 2 percent. In fact, Gorey has been the star performing market in Wexford with prices reducing significantly the further south you look. As we start 2020, achieved sales prices of second-hand homes are approximately 15 to 20 percent lower in Enniscorthy than in Gorey, and lower again in Wexford town. This is largely due to the M11 motorway and improved commuting times from Gorey to Dublin.
According to the National Property Price Guide published in The Sunday Times at the start of the year, you can expect to pay €180,000 for a second-hand, two-bed apartment in Gorey. While the year-on-year increase works out at about €5,000, if you look back 24 months to January 2018, the same property was costing almost €30,000 less. €5,000 may not be a big jump in 12 months, but a €30,000 jump in 24 months is notable… what investor or fortunate homebuyer wouldn’t be happy with that performance? It is not just apartments that have seen a big jump over the past two years, three-bed bungalows locally have increased €50,000 over the same period. Growth for three-bed semis was more tempered, which is unsurprising given supply of new homes to the marketplace; recorded prices for three-bed semis increased from €270,000 in 2018, to €275,000 in 2019 and €280,000 in January 2020.
As always, County Wicklow is a more nuanced marketplace, with rates of activity and price levels higher the closer you get to Dublin’s M50 motorway. Looking solely at the southern part of the county – serviced by our Carnew office – this is one of the lesser known regions for would-be homebuyers who often assume that market prices here are similar to those in north County Wicklow and this is simply not the case. There is still excellent value to be found in many of the small towns and villages in the south of the county. These homes offer a greater degree of privacy and natural amenities, while still being within a comfortable commute of the capital.
Staying with the National Property Price Guide in The Sunday Times, second-hand two-bed apartments in and around and Aughrim have seen steady growth from 2018 to 2020, increasing from €130,000 in 2018 to an average price of €150,000. In more rural locations, we have seen a jump of approximately €50,000 over the past 24 months. In 2018, you might have expected to pay €270,000 for a three- bed bungalow, however, fast forward two years and achieved prices are closer to €320,000. Anyone interested in exploring the South Wicklow market is encouraged to contact Kinsella Estates in Carnew for a full listing of available properties (both on and off-market) and details of local schools and amenities.
The last decade has been the most tumultuous one for the Irish property market in more than a generation. While we certainly do not have a crystal ball, it is fair to say that restrictive macro-prudential Central Bank lending rules and a more cautious approach to property development means we are in for a more predictable – but still cyclical – property market in 2020.
For your FREE, no obligation, valuation in the South Wicklow and North Wexford area, call into one of our offices (located in Carnew and Gorey) and chat to any of our expert team or you can contact us online at www.KinsellaEstates.ie. We are happy to facilitate overseas buyers and sellers via Skype or similar, outside of regular office hours. Alternatively, email me directly on firstname.lastname@example.org or telephone: +353 53 94 21718