Wexford House Price Survey Jan 2020

30th January 2020

Wexford House Price Survey Jan 2020

The price of the average three-bed semi in County Wexford fell by 1.2% over the last 12 months, with experts predicting the market to stay unchanged in 2020 according to a survey carried out by Real Estate Alliance.

Prices in the county fell to €202,500 in 2019 – with no change between September and December.

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.

“The last quarter has been noticeably quieter than the previous three. This is due to concern over Brexit and stabilisation after many quarters of growth,” said Robert McCormack of REA McCormack Corish in Wexford Town, where prices fell by 5.4% (€10,000) in 2019 to €175,000.

According to Winston Halnon, REA Halnon Gorey, where prices increased by 2.2% to €230,000, “Gorey Town and its surrounds are still performing well. Properties in and near the town are selling strongly, but supply of good quality properties remains an issue.

“Larger country properties remain slower to sell, and prices are stable. We have seen an increase in buyers from Wicklow and Dublin due to value for money and quality of life.

“Gorey continues to perform well for retail and commercial enterprises also. Rents remain strong and a lack of rental supply is apparent.”

Average house prices nationally fell annually for the first time since the economic recovery, the Q4 REA Average House Price Index found.

The price of a three-bedroomed semi-detached house across the country fell by -0.6% over the past year after a 4.6% annual rise in 2018.

The average family home nationally now costs €234,704, the survey found – a drop of -0.1% on the Q3 figure of €235,009.

However, drops across the country are far lower than the preceding quarter (-0.4%), indicating that some confidence returned to the market in the final 13 weeks of the year, with the prospect of a resolution to Brexit uncertainty.

Three-bed semi-detached houses in Dublin city registered a fourth consecutive quarter fall (-0.6%) since the end of September and have decreased by -4.3% compared to December 2018.

The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €425,833 – down €20,000 from €445,167 a year ago.

The absence of small investors due to Brexit uncertainty and a lack of incentives has also removed stimulus from the resales market and added to supply in many cases as landlords leave the market nationwide.

Prices fell slightly by -0.05% in the commuter counties in the past three months, with the average house now selling for €246,500 – an annual fall of 1%.

Prices in the country’s major cities outside Dublin – Cork, Galway, Waterford – remained largely unchanged

The highest annual price increases (2.8%) were once again seen in the rest of the country’s towns which rose in selling price by an average of almost €5,000 in the past year and 0.3% in the past three months to €162,207.