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Small increase in Wexford's house prices

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The overall average price of houses in County Wexford has increased by .4 per cent in the first six months of this year, according to recent figures. Stock picture
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The overall average price of houses in County Wexford has increased by .4 per cent in the first six months of this year, according to recent figures. Stock picture

The overall average price of houses in County Wexford has increased by .4 per cent in the first six months of this year, however, in certain categories prices have dropped slightly.

According to the latest Residential Property Price Barometer from IPAV (Institute of Professional Auctioneers & Valuers) house prices for the first half of this year have remained 'remarkably stable'.

In Wexford there has been a slight drop of 1.31 per cent for three-bedroom, semi-detached houses, no change in the price of four-bedroom semi-detached properties and an increase of 2.5 per cent in the price of two-bedroom apartments.

In compiling the data the survey took the average prices actually achieved by auctioneers in the first six months of 2020 compared with the last six months of 2019 for the aforementioned best-selling property types.

Chief Executive Officer of IPAV, Pat Davitt, highlighted part of the survey was done during the Covid-19 pandemic when the economy shutdown and auctioneers were on lockdown for 13 weeks.

'Despite early predictions by some economists and lenders of a slump in prices arising from the fallout from the virus this has not happened,' said Mr Davitt.

The IPAV said from the start of the pandemic that property prices would remain firm and pent-up demand would keep prices largely stable.

'This study has underpinned that view of the market,' said Mr Davitt.

'There has already been a correction in the Dublin market by about 20pc and there are approximately 300,000 too few properties, so it would appear at this juncture there is only one way for prices to go,' he added.

However, in rural Ireland he said there are still properties selling for less than the price of construction.

From an international perspective Mr Davitt said Ireland is being viewed as a 'safe bet' for European buyers interested in finding a location for a second home.

'This trend contrasts with the outflow of funds over the years to foreign properties,' said Mr Davitt.

He said the move towards remote working and people being able to work from home has led to people re-discovering Ireland and realising the benefits of returning here.

'Many native Irish are now re-discovering Ireland and realising the value and beauty on our door step,' he said.

'With a lack of enthusiasm for flying and a movement to working from home people are looking afresh at Ireland and like what they see in terms of a new lifestyle,' he added.

Mr Davitt said that the new wave of purchasers has impacted on the price of country properties and anything with views overlooking water is particularly attractive.

In County Wexford the average price for a two-bedroom apartment went from €104,000 in the latter half of 2019, to €106,667 in the first half of this year.

That equated to a 2.5 per cent increase with the price per square metre for those properties amount to €1,560 and €1,594, for the respective six-month periods.

The average price for three-bedroom, semi-detached units for the same two six-month periods, respectively, amounted to €180,000 and €177,667, which was a drop of 1.31 per cent with the price per square metre going from €1,564 to €1,578.

The average price for a four-bedroom, semi-detached home for both time periods remained constant at €213,334.

Gorey Guardian

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