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Significant increases in property prices

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By Ted Healy of DNG TED HEALY

The latest house price report from property website daft.ie turns up some interesting, if not unsurprising, facts on the market.

It looks at the first quarter of 2022 (Jan – Mar) which shows significant price increases and continued supply issues.

Housing prices rose by 2.4% on average during the first three months with the average listed price nationwide in Q1 now €299,093, up 8.4% on the same period in 2021 and just 19% below the Celtic Tiger peak.

The increase in Munster (outside the cities) was 13.3%.
Just 10,000 homes were listed for sale on March 1, during 2019, the average number of homes for sale on the market at any one time was just over 17,500.

Inflation in housing prices remains high – as has been the case consistently over the last decade, increasing prices reflect a combination of strong demand and very weak supply. Significant increases in the cost of construction have simply added to this.

Some interesting key points to note were that almost half of those looking to buy, but not straight away, cited the need to save for a deposit as a key factor in delaying home purchase.

DELAYS

Roughly four in five respondents cite the lack of homes as a factor in delaying home purchase.

The number of homes on the market continues to fall. The total number of properties available to buy nationally on March 1 was just 10,047, down by almost 2,000 from the same period last year and the lowest on record in a series dating back to January 2007.

In the Munster region, listed prices increased by an average of 2.7% between January and March, up 13.3% year-on-year.

Annual price inflation in Munster is above 10% again after a record level of annual inflation in Q1 of 2021.
Supply of properties in the Munster region is at a new low, with just over 2,800 properties on the market in Munster on March 1, down from 3,618 on the same date a year ago.

"On a local level, supply of properties in the Killarney area remains at an all time low," Ted Healy said.

"As a result we are experiencing a sharp rise in prices being paid for well located second hand properties. With limited new construction expected in the short term this trend is unlikely to change. We have a list of buyers eager to purchase property in the Killarney area but unfortunately the properties simply are not available. We would be delighted to speak to anyone considering selling their property and can be contacted on 064 6639000 or killarney@dng.ie."

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Ireland’s oldest citizen has Killarney connections

Ireland’s oldest woman met with President Michael D. Higgins at Áras an Uachtaráin this week. Máirín Hughes, who turned 109 on May 22 has strong Killarney connections. The previous record […]

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Ireland’s oldest woman met with President Michael D. Higgins at Áras an Uachtaráin this week.

Máirín Hughes, who turned 109 on May 22 has strong Killarney connections.

The previous record was held by 107-year-old Nancy Stewart who died on September 10 2021.

Although born in Belfast, Máirín went to school in the Mercy Convent. Her father was a customs and excise officer and the family moved around a lot eventually coming to Killarney after spells in County Down and Dublin.

Her mother came from the Rathmore area and her father was from Newmarket in County Cork.

She attended the Mercy Convent and has, in previous interviews, recalled growing up on the shores of Lough Lein.

“Neighbours who had three children were given the job of taking me to school,” she said. “They were annoyed because the children were going to school for two or three years but I was put in to the same class as them – my mother had taught me.”

In 2021 she featured in the book ‘Independence Memories: A People’s Portrait of the Early Days of the Irish Nation’, sharing stories of being kept in school in Killarney during an attack on the RIC barracks down the road.

In 1924 she started a degree in science and a diploma in education at University College Cork, before working in the pathology lab in University College Cork’s Department of Medicine for 16 years.

last year she recalled her story on the podcast: ‘Living History – Irish Life and Lore’.

During the broadcast she talked about her parents’ membership of the Gaelic League in 1910; the Spanish Flu in Ireland in 1918; The Black and Tans in Killarney in 1921; the early days of the new Free State; Eucharistic Congress in Dublin in 1932, visiting the Basket Islands in 1929; and working in the UCC medical laboratory from 1932 until 1948.

This week President Michael D. Higgins hosted an afternoon tea event to celebrate the important role that a variety of people have and can play in different communities and Máirín was among the guests of honour.

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Philip is running over 100kms for Cancer charity

Local runner and charity fundraiser Philip Kissane is set for the biggest challenge of his career as he lines up for the Cork City Marathon on Sunday. Phillip has already […]

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Local runner and charity fundraiser Philip Kissane is set for the biggest challenge of his career as he lines up for the Cork City Marathon on Sunday.

Phillip has already completed four half marathons at various locations around Killarney – all in aid of Kerry Cancer Support Group – or the Cancer Bus as it popularly called.

This is the second time that Phillip has run four half marathon and an official race for the charity.

Back in 2021 he finished with 5km Run Killarney event but his finishing race this time around is over eight times the distance at 42kms.

“We are delighted with Philip’s continued fundraising support but also with his awareness raising for the charity,” Breda Dyland, Service Manager Kerry Cancer Support Trust.

“We are getting busier all the time and still get no statutory funding so are dependent on fundraisers like Philip’s to keep us on the road. We have just put our new wheelchair accessible bus on the Cork route so Philip’s funding will be going towards the operation of this vehicle.”

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