The price of the average three-bed semi in County Cavan is expected to rise by 5% in the next 12 months, according to a survey carried out by Real Estate Alliance.
Average prices in the county rose by 4.1% to € 127,500 in 2019 – with a 2% rise 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.
“We saw a steady supply heading into the end of 2019, with constant interest and sales and there has been an increase in achievable sale prices in the Ballyconnell area,” said James Spring of REA Peter Donohoe of Cavan Town.
“In Cavan Town we saw no real change in terms of pricing, but we saw an increase in mortgaged buyers and reduction in sale times, with steady supply and demand right through Q4.
“Overall, we are very happy with the Q4 performance. We will see how January starts, and if it is busy like January 2018 and 2019, then I believe we will be in for a good year.”
Time taken to sell fell from seven weeks to five in Q4 in Cavan Town and remained at seven weeks in Ballyconnell.
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.