Blessington and Baltinglass Property Market ReportBlessington and Baltinglass Property Market Report The Real Estate Alliance (REA) Average House Price Index for the second quarter indicates stable market conditions in the Blessington and Baltinglass areas. Blessington * Average prices increased by 1.4% to €370,000 this quarter. * Properties at the lower end of the market are performing better than expected. * A three-bedroom mid-terrace priced at €335,000 has received 11 viewings. * The top end of the market remains stable due to limited supply and desirable locations. Baltinglass * Prices for the average three-bedroom semi-detached house have stabilized. * More expensive properties (up to €290,000) are generating strong results. * Less attractive properties require patience and may sell for lower prices (e.g., €216,500). National Market * The REA Average House Price Index focuses on the three-bedroom semi-detached house, which represents the typical Irish home. * The actual sales price for this type of property has risen by 2.3% in the past three months to €315,352. * Dublin city prices have increased by 1.6%, with the average three-bedroom semi now selling for €525,500. * Homes in residential districts have increased by 1.81% to €327,500. * Large cities outside Dublin have seen an average increase of over €5,000 in the past three months. * Major cities continue to show the biggest growth, up 8.4% from June last year. Market Trends * Many ex-rental properties are entering the market and require significant renovation. * Buyers of doer-uppers face stricter lending rules and may need to prove they have funds for renovations. * There is a shortage of tradespeople for extensive repairs, leading to delays and potential cost increases. * Homeowners are considering smaller expansion projects at their existing properties due to the difficulties in finding workers for major renovations.
The REA Average House Price Index for the second quarter also shows that across the province, 78 per cent of buyers were first-time buyers, and 5 per cent of buyers were from outside the province. A total of 8% of revenue in the province this quarter was attributed to landlords exiting the market.
Average prices in Blessington rose 1.4% to €370,000 this quarter, while Baltinglass prices remained stable this quarter at €250,000.
“The average price is showing an increase this quarter as prices at the lower end of the market perform better than expected,” says Simon Murphy of REA Murphy Baltinglass and Blessington.
“For example, we have a three-bed mid-terrace, priced at €335,000, with 11 viewings booked.
“The top end of the Blessington market remains static with limited supply and an excellent location supporting prices.
“The Baltinglass market for the average three-bed semi is settling in, with the more expensive end generating strong results (up to €290,000 in one example) and the less attractive properties selling more slowly and requiring patience (€216,500 for example). ”
The REA Average House Price Index focuses on the sales price of the typical Irish home, the three-bedroom house, and provides an accurate picture of the second-hand property market in towns and cities across the country.
The actual sales price of a three-bedroom semi-detached house across the country has risen 2.3% in the past three months to €315,352.
Prices in Dublin city have risen by 1.6 per cent in the past three months, meaning the average three-bedroom semi in the capital now sells for €525,500 – an increase of 5.1 per cent in the past year.
Homes in residential districts rose by 1.81 percent over the past three months to an average of €327,500 – a threefold increase compared to the first three months of the year.
Large cities outside the capital increased by an average of more than €5,000 in the past three months. The increase of 1.5% corresponds to an average sales price
Homes in the country’s major cities continue to show the biggest growth, up 8.4% from June last year and 3.2% this quarter.
A feature of the market is that many homes coming onto the market are ex-rental stock and require substantial renovation and modernisation, according to REA spokesperson Seamus Carthy.
“While we are seeing a slight improvement in stock, much of what is coming onto the market in the capital is ex-rental and in need of substantial refurbishment,” he said.
“Those looking to buy a doer-upper are subject to different lending rules and their bank may look for evidence that there are sufficient funds available to renovate.
“There are huge problems finding people for extensive repairs that require multiple people, with construction companies telling several interested buyers of a recent property that it could take a year before they can complete the job.
“As a result, people looking to trade down are opting for smaller expansion works at their existing properties, where it is easier to find workers.”
