Waterford house prices to stall in 2020

Justin Kelly

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Justin Kelly

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Waterford house prices to stall in 2020

Waterford house prices to stall in 2020

The price of the average three-bed semi in Waterford City rose by 2.4% over the past 12 months, with experts predicting the market to remain unchanged in 2020, according to a survey carried out by Real Estate Alliance.

City prices rose to €215,000 this year, with prices throughout the rest of the county rising by 0.8% to €178,000.

There was no change in price between September and December throughout the county, and the survey predicts Waterford prices will remain stable in 2020.

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.

“The autumn window was slow to get going after the summer holidays, however, activity picked up in October and has been consistent ever since,” said Des O’Shea of REA O’Shea O’Toole, Waterford City, where time to sell rose in Q4 2019 from eight weeks to 12.

“Steady as she goes is our prediction for 2020 until the outcome of Brexit is known.”

Eamonn Spratt of REA Spratt in Dungarvan says activity in the market continues to be quite patchy. "The historical seasonal slow-down has been impacted further by the continuing discussion on Brexit,” he said. 

“Prices could potentially continue to stabilise as a result of the delivery of further new housing units, both to the private sector and the state.”

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.