Connect with us

News

Kerry house prices expected to fall by 5% in 2023 – survey

Published

on

0248153_Screenshot_2023-01-13_at_123008_copy.jpg

The price of the average three-bed semi in Kerry is expected to fall by 5% in the next 12 months, according to a survey by Real Estate Alliance.

.

Three-bed semi-detached homes in the county now cost an average of €292,500, up 11% on the December 2021 average of €263,000, the Q4 REA Average House Price Index shows.

However, average house prices have fallen by 2.5% in the past three months as mortgage interest rate rises and cost of living increases combine to calm the market.

The 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.

First time buyers made up 35% of the market in Kerry in Q4 2022, with 35% of sales coming from outside the county.

Across the county, the average time taken to sell was eight weeks, up from six in Q3.

Average Killarney prices fell by -2.78% this quarter to €350,000, while Tralee prices dropped by 2% to €235,000.

“The market has slowed with the number of viewings down 30%. House prices have softened a small bit but are still selling,” Donal Culloty of REA Coyne and Culloty, Killarney said.

“There still is a huge demand problem as no new developments are commencing due to high land prices and the cost of construction.

CRISIS LEVEL

“The housing problem is now at crisis level and only going to get worse. We need new properties to be built.”

The majority of REA members feel that the scheduled changes to the Planning Acts will have little effect on market supply in 2023, due to the time lag between legislation and enactment.

The actual selling price of a three-bedroomed semi-detached house across the country rose by 0.36% over the past three months to €291,667 – representing an annual increase of 8%.

However, house prices in Dublin have fallen slightly by -0.34% in the same period, as mortgage interest rate rises and cost of living increases stem the stream of potential homeowners.

REA agents throughout the country expect prices to rise by just under 3% on average in the next 12 months.
The property market is expected to enjoy a calmer 2023 as mortgage interest rate rises and cost of living increases affect buying ability, according to the nationwide survey.

In Dublin city, which is currently experiencing small price drops in certain areas, agents anticipate modest increases of 3.6% across the year.

This comes off the back of 2022 which saw average house prices rise by 8% nationally and 5% in the capital – with feverish early year increases slowing down in the autumn and winter.

The country’s large towns experienced 10% growth last year, with 1.2% in the final quarter, and REA agents say that this will continue throughout next year, albeit at a slower pace, with growth of 3% predicted.

Advertisement

News

Efforts to find owner of designer jewellery found in Fossa

A Killarney resident is trying to find the owner of a designer ring that she found outside her house a few months ago. Kristy Nicholas, pictured, found the ring on […]

Published

on

0277156_IMG20240418091954.jpg

A Killarney resident is trying to find the owner of a designer ring that she found outside her house a few months ago.

Kristy Nicholas, pictured, found the ring on s footpath in the Lackabane Estate in Fossa on December 29 last.

Since then she has exhausted all channels in an effort to find the owner including regular contact with the Gardai and local word of mouth.

“Since that time I worked to find the owner through word of mouth and by filing a report with Gardai. Since I’ve been unsuccessful,” she told the Killarney Advertiser.

“The owner could ring the Killarney Gardai station and provide details to be connected with me. To be reunited a description will be needed, such as the brand and designer and type of ring It’s quite an expensive ring so I’m really hoping to get it back to the right place.”

Kristy can be contacted on 087 3443500

Attachments

Continue Reading

News

Celtic Whiskey Bar now offering wine Wednesdays and Sundays

The Celtic Whiskey Bar and Larder on New Street is adding another string to its bow and as well as offering whiskey tasting sessions the popular bar is set to […]

Published

on

0277188_IMG9687_161.JPG

The Celtic Whiskey Bar and Larder on New Street is adding another string to its bow and as well as offering whiskey tasting sessions the popular bar is set to become a wine lovers paradise.

The bar is launching a Wine Wednesday and Sunday experience.Every Wednesday and Sunday, with a full wine menu available, offering a delightful selection ranging from fizz to rich reds and delicate rosés. Whether you’re a seasoned sommelier or just beginning to explore the world of wine, there’s something for everyone to savour.“Step into the cosy establishment nestled in the heart of Killarney and prepare to embark on a journey through vineyards and varietals, all at heavily discounted prices that won’t break the bank,” said the bar in a statement.“And the best part? Bottles start from just €20, making indulgence accessible to all.”Each week, the bar will be showcasing special wines available by the glass to  complement a delectable menu offerings.“The perfect pairing with their new and updated menu. The perfect spot for some casual drinks and dinner. Treat yourself to cheeseboards, chowder or any of the tasting offerings the new menu has to offer. Whatever your preference, their knowledgeable staff are on hand to guide you through our extensive wine selection, offering expert recommendations and ensuring that each sip is nothing short of perfection,” added the statement.

Continue Reading

Last News

Sport