The cost of a three-bedroom semi-detached house in the county’s two big towns remained unchanged in the second quarter of the year, according to the latest survey from the Real Estate Alliance.
The survey, based on an average of actual sale prices on what REA describe as ‘Ireland’s typical stock home – the three-bed semi’, showed that the cost of such a property in Dundalk remained at €190,000 in the three months to the end of June, with homes in Drogheda costing an average of €210,000 in the same period.
This is despite fears over a market downturn brought on by the Covid-19 pandemic. However, interest remains at early year levels. “The top end of the market is slower to move but the lower-priced properties continue to command pre-Covid levels of interest,” said Michael Gunne of REA Gunne Property, Dundalk.
“There is a lot of demand for any new listings at the lower priced end of the market, properties in the price range of €100k to 200k are remaining active and we are not witnessing any notable price reduction.”
In both Dundalk and Drogheda, the average time to sell rose by one week – to nine and eight respectively.
“The buyers who have mortgage approval are eager to take advantage of their existing mortgage approval, and there is a growing trend for four or three-bed houses with attic conversion for office space,” said Darina Collins of REA O’Brien Collins, Drogheda.
Over a 12 month period, average house prices fell by 2.4% in Dundalk and 4.5% in Drogheda.
“Broadband is hugely important and enquiries are coming in for properties outside the main town. New homes developments in the area have kept a cap on the prices, and demand is good,” she added.
Across the country, despite fears of a downturn in the market due to lockdown, the price of a three-bedroomed semi-detached house fell by just -0.15% over the past three months to €234,667, an annual decline of -0.56%.
REA say that the pandemic has had a effect on the profile of properties that our in demand, with a greater emphasis placed on space as many workers come to terms with a working future that may be balanced between the office and home.
“We are finding that people are looking for three things – more space, gardens and a guarantee of better broadband, where transport was previously the highest priority,” REA spokesperson Barry McDonald said.