Value of Kilkenny homes rising by €1,250 every month: Daft.ie House Price Report
THE value of homes across Kilkenny city and county rose by an average of more than €1,250 every month in 2018.
New figures contained in the latest House Price Report from the property website Daft.ie reveal the average home in Kilkenny is now worth €221,000.
House prices in Kilkenny grew by 6.8% in 2018, which is above the national average figure of 5.5% recorded for this year.
Overall, the figures reveal the value of homes outside of the capital grew steadily throughout the year, but the level of price increase in Dublin fell dramatically when compared with 12 months ago.
In Dublin, prices rose by just 2.9% during 2018, compared to an increase of 11.7pc in 2017. The cooling of the Dublin market is being put down to an increased availability of new homes and will offer some encouragement to potential purchasers after years of double-digit growth in the capital.
In the other cities, however, inflation in housing prices in 2018 was comparable to 2017. Prices in Cork rose by 5.8% in 2018, compared to 5.1pc in 2017, while in Galway city, prices rose by 6.3% compared to 8.1pc a year earlier. Inflation in Waterford city held steady at 8.6%, while in Limerick inflation picked up – increases of 9.8% in 2018 versus 6.9% in 2017.
Commenting on the findings, the author of the report, economist Ronan Lyons said:
“Perhaps the most notable trend in the sales market right now is the extraordinary growth in availability of homes for sale, especially in Dublin (where construction is concentrated). Two years ago, at the end of 2016, there were fewer than 2,800 homes for sale in the Dublin market. Now, in December 2018, there are over 4,800.”
There were over 23,500 properties for sale in December 2018, compared to 21,200 a year earlier. Mr Lyons said this is the first year-end increase in availability in a decade.
“This trend of greater availability has started to spread, too. In Leinster (outside Dublin), availability is up from 5,000 a year ago to 6,000 today. Elsewhere in the country, the picture is more about stabilisation after many years of dwindling stock. This is a world away from the rental sector, where availability is at record and continues to worsen,” Mr Lyons added.